Technology has played an increasingly important role in the economy,
as companies constantly look for new ways to innovate.
We've seen robotic assembly lines disrupt the manufacturing sector,
and e-commerce disrupt the retail sector.
And we're now beginning to see autonomous driving disrupt the auto sector.
The companies who adapt quickly and utilize new technologies are reaping the benefits.
Research has found that by increasing their efficiency,
these so-called superstar firms are able to direct a higher share of revenue into profits,
while lowering labor costs.
As they get bigger, market share is being concentrated in a smaller number of companies.
These superstar firms are forcing other companies to either adapt, or be left behind.
Workers are in the same position,
which is why training and education are so crucial.
Companies need to train their employees so they can develop the skills needed to perform new jobs.
And schools need to teach curriculum that prepares students for the evolving workforce.
Still, as technology and artificial intelligence continue to evolve,
there's a concern that robots will replace humans in the workforce.
But we've seen these same worries in the past.
In the mid-1990s,
ATMs were being installed in big numbers,
leading many to fear that they would replace tellers.
In fact the number of tellers rose, because branches became cheaper to operate,
leading banks to open more of them, and hire more tellers.
Likewise, computers have taken over more of the operation of a passenger flight.
And the stellar safety record of the industry is stunning and comforting.
Yet despite the increasing role of automation in the cockpit,
We still have a pilot and a co-pilot in place in the event of unusual situations.
In this case, technology hasn't displaced workers. It's only enhanced their contribution.
History also shows us that improved technology raises living standards and creates new jobs.
Those jobs likely won't appear overnight, but in the long run, there will be more opportunities for work.
As technology continues to evolve, both society and the economy stand to see huge potential benefits as a result.
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