Evaluation of the impact of science and technology on the labour market

Abstract

Science and technology have led to economic growth for more than 250 years. Three industrial revolutions were observed during this period. New technologies are still rapidly developed every day. Robots, various algorithms, 3D printing, artificial intelligence, software help people perform various tasks. The dissemination of information is digitized. Science and technology are seen as a tool of economic progress. Science and technology are composed of research and experimental development, social innovation research, high technology, and human resources in science and technology. Each of these components is linked to economic impact. One of the affected areas is the labor market. The labor market as a macroeconomic factor is described through employment and unemployment. Science and technology affect it, but the direction of impact is widely questioned. On the one hand, disseminating and implementing science and technology requires constant updating of knowledge. It could lead to widespread technological unemployment, as many people may lose their jobs due to automated jobs. On the other hand, the latest technologies could also lead to new businesses or new sectors and new jobs or professions. With the implementation of scientific technologies, the nature of work is changing. There is a need for specialists with higher qualifications, new knowledge. Such discussion reveals the lack of research that evaluates the impact of science and technology on the labor market. For revealing the impact of science and technology on the labor market, the analysis of Lithuanian statistical data and economic indicators was performed in the data collection process. The study involved correlation and regression analyses to evaluate the results. Correlation and regression analyses revealed that science and technology positively affect the growth of the country's employment rate and monthly wages (gross) and the decrease in the unemployment rate.