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1: Introduction
Pages 16-23

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From page 16...
... economic advance, is likely to increase still further as the United States becomes more closely linked to the global economy. Technological change in production processes frequently reduces the amount of labor and other resources needed to produce a unit of output; these reductions lower both the costs of production and the labor requirements for a fixed output level.
From page 17...
... Yet technological change has other important effects that historically have enabled society to achieve greater prosperity without sacrificing employment. By reducing the costs of production and thereby lowering the price of a particular good in a competitive market, technological change in production processes frequently leads to increased demand for that good; greater output demand results in increased production, which requires more labor, and offsets the effects of reductions in the amount of labor required per unit of output.
From page 18...
... In light of these realities, we recommend policies to help workers and firms adjust to technological change. Our recommendations propose new initiatives to aid displaced workers through job search assistance, basic skills training, retraining, and advance notice of plant shutdowns and large-scale permanent layoffs.
From page 19...
... Technological change poses significant challenges to government policymakers, business, and labor, as well as to individual workers and managers. Although the United States remains a technological and economic leader, the performance of this economy in adopting new technologies, achieving higher levels of productivity, and dealing with the adjustment of workers to technological change leaves much to be desired.
From page 20...
... workers resulting from import competition reflects more rapid technological progress in other nations. Programs such as job search assistance and counseling, as well as retraining, are designed to help experienced displaced workers adjust to technological change and are potential means of reducing structural unemployment.
From page 21...
... To remain competitive in the absence of technological advance and productivity growth in these industries, U.S. labor costs must be lowered relative to those of foreign producers.
From page 22...
... Chapter 3 discusses how technology, labor supply, and labor demand affect the impact of technological change on employment in an open economy. Chapter 4 considers the impact of technological change on employment and wages, focusing on empirical studies of the sectoral employment effects of such change, and also discusses the impact of new technologies on job skill requirements.
From page 23...
... INTROD UCTION 23 reasons we have noted the need for additional work. In other areasfor example, the evaluation of the effectiveness of retraining for displaced workers there is insufficient quantitative evidence for a factual finding.


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