The Future of Work(ers) in the Age of Technological Revolution

Abstract

This chapter reviews key literature on the determinants and implications of technological change associated with the Third and Fourth Industrial Revolutions, which have spread globally since the late 20th century, and presents descriptive evidence. The main conclusion is that while technological progress has not significantly threatened overall employment opportunities, it has clearly contributed to rising income inequality. Consequently, a future devoid of employment is not anticipated, although the prospects for equality remain uncertain. I argue that to maximize the benefits of technological advancement, education must evolve in tandem with technology, equipping individuals to work alongside new innovations throughout their lives. This would enable workers to fully leverage automation of routine tasks and augmentation of abstract and cognitive tasks, fostering teamwork, problem-solving, flexibility, creativity, and social intelligence. Furthermore, productivity growth driven by technological progress is likely to increase demand for both traditional and new goods and services, generate income gains that increase demand for quality, accelerate structural change, and exert pressure on resource utilization.