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"In Dynamism Nobel Laureate Edmund Phelps, Raicho Bojilov, Hian Teck Hoon, and Gylfi Zoega argue that the high level of innovation in the West was not a result of scientific discoveries plus entrepreneurship. Rather, modern values-particularly the individualism and self-expression prevailing...
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This paper considers the implications for developing countries of a new wave of technological change that substitutes pervasively for labor. It makes simple and plausible assumptions: the AI revolution can be modeled as an increase in productivity of a distinct type of capital that substitutes...
Persistent link: https://www.econbiz.de/10012302048
We introduce automation into the standard Solovian model of capital accumulation and show that (i) there is the … diverted to automation that maximizes the long-run growth rate of the economy; (iv) the labor share declines with automation to …
Persistent link: https://www.econbiz.de/10011458839
Prettner (2019) studies the implications of automation for economic growth and the labor share in a variant of the … Solow-Swan model. The aggregate production function allows for two types of capital, traditional and automation capital …. Traditional capital and labor are imperfect substitutes whereas automation capital and labor are perfect substitutes. In this …
Persistent link: https://www.econbiz.de/10012031062
We analyze the effects of declining population growth on automation. A simple theoretical model of capital accumulation … predicts that countries with lower population growth introduce automation technologies earlier. We test the theoretical …
Persistent link: https://www.econbiz.de/10011639365
We introduce automation into a standard model of capital accumulation and show that (i) there is the possibility of … automation that maximizes long-run growth; (iv) the labor share declines with automation to an extent that fits to the observed …
Persistent link: https://www.econbiz.de/10011555095