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That technological change could cause brief-term job losses is broadly accepted. The view that it might probably result in lasting increases in unemployment has lengthy been controversial. Participants in the technological unemployment debates could be broadly divided into optimists and pessimists. Optimists agree that innovation could also be disruptive to jobs in the quick term, but maintain that varied compensation effects ensure there’s never a long-time period damaging impression on jobs, whereas pessimists contend that at the least in some circumstances, new technologies can lead to a long-lasting decline within the total variety of workers in employment. The phrase “technological unemployment” was popularised by John Maynard Keynes within the Thirties, who said it was a “only a brief part of maladjustment”. 1 Yet the problem of machines displacing human labour has been discussed since at the very least Aristotle ‘s time.
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