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e need to discuss the rapid pace and appearance of economic change. It is widely believed that technology is accelerating this change and that the arrival of robots will result in the displacement of many older workers, as stated in this report by PwC.
Although such changes can occur, especially when driven by factors beyond technology, assuming that all change follows this pattern is not an accurate depiction of the current world. In fact, economic change is slowing down rather than speeding up. The growth rate of certain sectors has declined to its lowest point in nine decades, as highlighted in a report by Economy 2030, despite the once turbulent 1980s being a distant memory.
Furthermore, the nature of economic change does not conform to the narratives we often hear. Recent research examines the impact of the arrival of automotive trucks on 19th-century teamsters, who drove animal-drawn wagons in America. It draws lessons for today’s drivers who face the prospect of automated trucks.
Interestingly, the decline in teamsters’ numbers was accompanied by a rise in their average age. Why? Because younger workers were not entering the profession. In the UK, this explains why manufacturing employment among workers in their 60s was actually higher in 2018-19 than in 1994-95, despite a 38% decrease in manufacturing jobs. Older workers hold on in declining sectors, while younger workers seek alternative opportunities.
Economic change can present significant challenges, particularly when it occurs rapidly. However, it is time we update our perspectives on such change. If anything, there is a lack of substantial change in 21st-century Britain, and when it does happen, younger workers are quick to adapt.
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