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Up to 800 million global workers will lose their jobs by 2030 and be replaced by robotic automation - Leaving Cert Economics - Question 3 - 2020
Question 3
Up to 800 million global workers will lose their jobs by 2030 and be replaced by robotic automation. (Source: BBC.com) (a) Name the type of unemployment these w... show full transcript
Worked Solution & Example Answer:Up to 800 million global workers will lose their jobs by 2030 and be replaced by robotic automation - Leaving Cert Economics - Question 3 - 2020
Step 1
Name the type of unemployment these workers will experience. Give a reason for your answer.
Answer
Type of unemployment: Structural/Technological Unemployment
Reason: This form of unemployment occurs due to a mismatch between the skills workers possess and the skills that employers require. As technology and automation increasingly replace traditional jobs, workers may find their skills no longer in demand, leading to job loss.
Step 2
Outline one policy response that the Irish government could take to reduce this type of unemployment in Ireland.
Answer
Government policy: The government could implement retraining schemes for those affected by structural unemployment. These schemes would provide individuals with the necessary skills to adapt to new job markets and technologies, enabling them to gain employment in areas that are currently in demand. Additionally, the government could offer subsidies to companies that provide training to displaced workers, thus encouraging businesses to invest in human capital development.