created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

This paper points out that modeling automation as factor-augmenting technological change has several unappealing … reduce the equilibrium wage (for realistic parameter values). This approach to automation also enables a discussion of … capital, the deepening of automation (whereby machines be-come more productive in tasks that are already automated), and the …

We present a framework for understanding the effects of automation and other types of technological changes on labor … allocation of tasks to capital and labor - the task content of production. Automation, which enables capital to replace labor in … a result, automation always reduces the labor share in value added and may reduce labor demand even as it raises …