Unveiling The Impact of Technological Advancements on Macroeconomic Stability and Labor Market Dynamics

Abstract

The rapid development of information and communication technology has an impact on economic growth that is increasingly varied. Economic stability is a basic prerequisite for achieving improvements in people's welfare through high growth and improved growth quality. In line with that, technological progress also has a significant impact on the dynamics of the labor market. The labor market has a mutual relationship between companies and labor. If developing countries want to achieve higher economic development, they must increase trade and physical capital with a stable macroeconomic environment. But on the other hand, technology automatically leads to a decrease in employment and wages. This changes the relative demand for jobs.