To rationalize a substantial income share of labor despite progressive task automation over the centuries, we present a … sophistication. Automation of more sophisticated goods requires capital of increasing quality. Quality capital remains scarce along … the growth path. This is why labor keeps up a substantial fraction of income. Real capital, however, that is capital …

To rationalize a substantial income share of labor despite progressive task automation over the centuries, we present a … sophistication. Automation of more sophisticated goods requires capital of increasing quality. Quality capital remains scarce along … the growth path. This is why labor keeps up a substantial fraction of income. Real capital, however, that is capital …

trusted methods and pathways could be closing in light of new technological developments such as automation and artificial …