Achieving growth without employment

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The issue whether greater automation and mechanisation leads to unemployment on a large-scale is an issue with which nations and societies have been grappling right from the time of Industrial Revolution leading to invention of machines displacing labour. Fortunately till now though there were fears that every new invention would lead to displacement of labour it did not happen on the scale it was predicted and with increased skill levels people are able to turn out better work with better productivity resulting in higher levels of growth and prosperity. Computers, one of the biggest invention of the last century in the initial stages were feared, with apprehensions of large-scale labour displacement. But on the contrary they have resulted in greater levels of efficiency and the consequential virtuous cycle of development resulting in skill up gradation and higher levels of efficiency. In fact, they have reduced lot of drudgery in the work by performing a number of complicated arithmetic in no time.

 

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