is inefficient and reduces (and could even negate) the productivity gains from automation. Using data for the US from … contribution. We also estimate that inefficient rent dissipation offset 60-90% of the productivity gains from automation since 1980 …

relative to their productivity and the effective cost of capital in low-complexity tasks. Minimum wages and other sources of … of capital (or an increase in capital productivity) causes employment and wage polarization. Specifically, further … increases in capital productivity ultimately induce a transition to low-skill automation and qualitatively alter the effects of …