This paper evaluates claims about large macroeconomic implications of new advances in AI. It starts from a task-based model of AI's effects, working through automation and task complementarities. So long as AI's microeconomic effects are driven by cost savings/productivity improvements at the...

Never in the past 30 years has productivity growth been lower than since the 2008 global financial crisis, and never has income inequality been higher than it is today in Japan, and in the OECD area. The two challenges have some common origins, including a widening productivity and wage gap...

I examine the problem in the relationship between wage inequality and human capital formation under migration possibilities. Unlike previous analyses, I incorporate the education market and the education price into the analysis, and assume that workers bear the pecuniary cost for receiving...

The dominant role played by the state in the financing, regulation, and provision of primary and secondary education reflects the widely-held belief that education is necessary for personal and societal well-being. The economic organization of education depends on political as well as market...