Technological unemployment?

A question from Yahoo! Answers:

What is technological unemployment? Is this a problem in today’s society? Explain.?

Technological unemployment is what supposedly happens when technology makes workers redundant. For example, the advent of electricity put out of work a lot of candlemakers; the invention of automobile had a similar effect on workers involved in horse breeding and making carriages, riding accessories, and other horse-related products.

Is it a problem in today’s society? Yes and no. It is definitely a problem for the workers (and business owners) whose skills (and investments) become obsolete, so they have to find a new way of making a living, which is never an easy thing, especially if you are over 40. The number of individuals affected, however, tends to be relatively small, so the society as a whole rarely notices, especially since technologies that create technological unemployment in the declining industries also create technological employment in rapidly expanding industries.

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