Economics Report: Impact of Technology, Jobs, and Future of Work (MGI)

This report examines the effects of technology on jobs and the future of work, focusing on the analysis of market incomes and employment trends. The report discusses the impact of digitalization, automation, and the creation of digital platforms, which have altered the nature of work and employment opportunities. It highlights the influence of technological advancements on the labor market, including the creation of new jobs and the displacement of others, along with the role of online platforms in facilitating job matching and providing services. Furthermore, the report considers the effects of political issues and migration on market incomes. The report concludes by emphasizing the importance of technological trends in shaping the future of work and the benefits derived from the implementation of technological advancements.

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Economics
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McKinsey Global Institute has provided a brief description about Technology, Jobs and
the Future of Work. From the case study, it could be understood that the market incomes
decreased while the implementation of newer technologies created both positive and negative
effects such as providing 1.2 million jobs to people and even destroying over 500,000 jobs
during the last 15 years (Manyika 2016).
With the implementation of newer and advanced technologies, digital platforms were
created and it had brought continuous innovation and improvements, thereby changing the entire
nature of work and improving the platform through which jobs would be provided to people in
Australia. There was divergence of labour market opportunities between the jobs that required
high skills and lower skills. There were many individuals who had been employed and
unemployed during those years and due to the difference in incomes of people, the market
incomes reduced largely. Political issues like migration and lack of proper implementation of
employment policies had further deteriorated the entire situation, furthermore led to the
reduction of market incomes (Tambe and Hitt 2013). Though with the introduction of latest
technologies including artificial intelligence and robotics, the production level has increased
along with greater safety and convenience for people who gained employment opportunities, still
the automation processes, to an extent, created both positive and negative effects on the work
and employment opportunities (Manyika 2016).
There are various ways by which, the digitalization and technology implementation has
benefited many people to start their own business, grab employment opportunities and many
more. The use of internet has created job matching websites for people to look in for jobs and get
recruited at major companies. The individuals who are independent have provided services
through digitalized platforms like Uber, Etsy, etc. and creating ease for customers to gains

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services. E-commerce websites are created that has also created opportunities for many people to
work at the digital platform and deliver services and products to the customers online (Tambe
and Hitt 2013). Therefore, though many people were left out with jobs, there has been
considerable increase in jobs for people through maintenance of technological trends and
resulting in a better future of work.

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References
Manyika, J., 2016. Technology, jobs, and the future of work.
Tambe, P. and Hitt, L.M., 2013. Job hopping, information technology spillovers, and
productivity growth. Management science, 60(2), pp.338-355.