economic impact of automation

Automation boosts productivity by enabling machines to perform tasks quickly and accurately, which can lower costs for businesses and lead to lower prices for consumers. It can also create new jobs in tech and maintenance sectors. However, automation may displace some workers, particularly in routine or manual jobs, potentially leading to unemployment or wage pressures in certain industries. Overall, while automation enhances economic efficiency and growth, it requires managing its social impacts through retraining and policy support to ensure benefits are broadly shared.