The Technology Trap: Capital, Labor, and Power in the Age of Automation by Carl Benedikt Frey

Author:Carl Benedikt Frey
Language: eng
Format: epub, pdf
Publisher: Princeton University Press
Published: 2019-06-17T23:00:00+00:00

When occupational skills are replaced by machines, the investment workers have made in building up the human capital associated with that occupation has gone industrially bankrupt. A worker displaced from a steel mill will not be able to begin a new career as a barber the next morning, and he or she is rarely equipped to switch into a professional, managerial, or engineering job. The higher the cost of accumulating new human capital, the longer the transition will take. Even low-skilled service jobs in restaurant, hotels, and gasoline stations require some skills. Experience is valuable in just about every occupation. But unquestionably, the cost of acquiring new human capital to move into well-paying jobs has become much greater in the ever-higher tech economy, leading to a hardening division between those who went to college and whose who did not. What’s more, as we shall see, location matters about as much as education. The most serious adjustment problems have occurred among unskilled workers in declining towns and cities.

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