Answer on Other Economics Question for Ashlyn
For instance,advances in technology and changes in market conditions often turn many skills obsolete; this typically increases
the unemployment rate. For example, laborers who worked on cotton fields found their jobs obsolete with Eli Whitney's patenting of the cotton gin. Similarly, with the rise of computers, many jobs in manual book keeping have been replaced by highly efficient software. Workers who find themselves in this situation find that they need to acquire new skills in order to obtain a new job.
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