demand, and use it to interpret changes in US employment over the recent past. At the center of our framework is the … slower growth of employment over the last three decades is accounted for by an acceleration in the displacement effect …

advantage in the most complex tasks relative to capital, and because the wages of the least skilled workers are sufficiently low … relative to their productivity and the effective cost of capital in low-complexity tasks. Minimum wages and other sources of … higher wages at the bottom make interior automation less likely. Starting with interior automation, a reduction in the cost …

without directing attention to quantitative goals and specific firms or employment groups. The institutional framework set by …

business ownership, in particular for small firms and startups without easy access to international capital markets. Recent … empirical work has emphasized that taxes have heterogeneous effects on mature firms, entrepreneurial startups, and owner … into rapidly growing firms. Moreover, capital gains taxation tends to reduce the number of innovative startups and diminish …