Impact of technology innovation on unemployment rate

Abstract

The study assesses the impact of technological advances on the workforce, more specifically high-skilled and low-skilled workers. Technology impacts the workforce through many channels such as machinery, equipment or new industries. However, the advancement of automation machines makes the impact of technology even more difficult to predict. Research has shown that technology investment creates more jobs for skilled workers but causes unemployment for low-skilled workers. However, the overall unemployment rate has increased with the development of technology.