Is Technology Replacing Jobs?

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Term Paper Thesis:As computers and technology in general become more advanced, are pit trading jobs being eliminated or possibly just transformed? The Technological Revolution, what a wonderful phrase, or is it? It brings to mind the process of making things more efficient by introducing a new tool or method that can speed up or improve an existing process in some way. It would appear to be a very positive phenomenon some would say a necessary step in sustaining and growing the global economy. Let’s take a look back and review what history tells us as we look to answer this question. The Industrial Revolution introduced steam power which dramatically increased the efficiency of many processes. Imagine a farmer who once plowed his fields with horses or bulls with a hoe dragging behind, and then imagine the same farmer now plowing his fields with a steam powered tractor outfitted with a mechanical tiller. These two different processes are examples of how the technological revolution succeeded in reducing the time and /or in improving the quality of completing a task. The advent of the steam powered tractor allowed the farmer to plow more fields and grow more crops. Did this new level of efficiency affect jobs- is it a job creator or destroyer? In this scenario we simply see a farmer, who has replaced animals with machinery. A struggling farmer is now able to produce more goods which he can then sell to increase earnings and improve his and perhaps his family’s quality of life. There is also the production of these new plows and the new jobs created as a result. Well that was easy, we are really just talking about efficiency of a task and not the replacement of people with machines, just farm animals with machines. However,historically there were huge concerns and resistance to the new technology but when innovation creates opportunity especially

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