Structural Unemployment

Avinash Meetoo in his talk dubbed “Jobs of the future and how we can prepare for them” offers the best response to the question of whether human capital is key to avoid being structurally unemployed. Structural unemployment comes about due to a reorganization of an industry or an economy. The major cause of this kind of unemployment, especially today is the concept of technological change. Avinash was emphatic that technological changes, especially the development of robots were most likely to contribute to unemployment since automated machinery; for instance, autonomous cars would replace thousands of people from their workstations. To save oneself from this problem, the talk noted was to be skilled in the computing industry, as well as, be in an industry where one can provide people with entertainment. From an analysis of statistics, Avinash has demonstrated that human capital, especially with computing, is critical in remaining relevant in a rapidly shifting environment. With computing technology, one will be responsible to develop technologies and capabilities that will unseat others from their work desks. As more people get free due to increased autonomy, they will most likely have sufficient times in their hands and will, thus, turn towards entertainment to pass time.