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Article summary:

1. Innovation, including digitalization, is a key driver of productivity, economic growth, and job creation. However, there is debate about whether digitalization will lead to mass unemployment due to the potential for machines to replace human tasks.

2. Digitalization has the potential to create and destroy jobs with different skill requirements. Investment in digitalization is associated with increased employment of high-skilled labor while low- and medium-skilled labor tends to decline or remain unaffected. Machine-based digital technologies are responsible for significant employment effects.

3. This study contributes to the literature on the impact of innovation on employment growth by providing more fine-grained analyses of specific technological developments in a systematic way. The findings run counter to overly negative predictions about the impact of digitalization on job destruction and creation.

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