Technological progress and the future of work

This contribution focuses on the impact of technological progress on the long-term growth, its effects on the labor factor, and its influence on the future of work. Technological progress alters the nature of work and society as a whole, but it does not necessarily benefit everyone. The paper emphasizes that technological progress, including the adoption of digital technologies and automation processes, often involves the substitution of machines for labor, which can lead to the displacement of workers. It also acknowledges the existence of counterbalancing forces. Technological progress can also lead to changes in the quality of work, transforming jobs and necessitating the emergence of new tasks, skills, and retraining efforts, along with the creation of new professional roles. Particular attention is devoted to the recent evolution of AI, including generative AI, and its disruptive effect on work. The main argument of this paper is that the disruption caused by digital technologies puts many jobs at risk. However, the most evident effect is not so much that there will be fewer jobs with the introduction of technologies such as AI, but rather that the nature of work will change.