Technology and the Future of Work published by IMF (2018).
“Historically, technology has enabled an unprecedented growth in labor income, but has also been a source of disruption. Technology has boosted productivity, which, in turn, has driven strong per-capita GDP growth and has been associated with expanding employment. However, the gains in employment and income can come in spurts and tend to favor different sectors over time. This forces deep and sometimes painful structural adjustment, with jobs changing or disappearing in some areas while new jobs are being created elsewhere. Moreover, while there are many reasons for the decline in labor income shares over the last three decades, technological progress in capital goods has played a role. Finally, the distribution of labor income itself has become more unequal as some skills—particularly those associated with more routine tasks—have become redundant, leading to a polarization of income gains favoring high-skilled and disadvantaging low-skilled labor…”
