Automation and its macroeconomic consequences : theory, evidence, and social impacts

Front Cover -- Automation and Its Macroeconomic Consequences -- Copyright Page -- Dedication -- Contents -- Preface -- A tour of the book -- Recommended use of the book in teaching -- Acknowledgments -- References -- 1 Introduction -- 1.1 Technological progress and its economic consequences -- 1.2 The economic consequences of automation: Could this time be different? -- 1.3 The social impacts of automation -- 1.4 The race against, or the race with, the machine? -- 1.5 Summary -- References -- 2 The stylized facts -- 2.1 Adoption of automation technology -- 2.2 Dynamics of economic growth and welfare -- 2.3 Dynamics of the labor force and of unemployment -- 2.4 The evolution of inequality -- 2.5 Summary -- References -- 3 Empirical evidence on the economic effects of automation -- 3.1 Occupations, jobs, and tasks susceptible to automation -- 3.2 Cross-country evidence on the economic consequences of automation -- 3.3 Summary -- References -- 4 A simple macroeconomic framework for analyzing automation -- 4.1 Preliminaries and definitions -- 4.1.1 Growth rates in discrete and in continuous time -- 4.1.2 Representative individuals and representative firms -- 4.1.3 Aggregate production function -- 4.2 The simplest version of the standard 1956 Solow model in discrete time -- 4.3 The Solow model in continuous time with technological progress and with population growth -- 4.4 The Solow model with automation -- 4.5 Endogenization of the share of investment in traditional physical capital -- 4.6 Automation and wage inequality -- 4.7 The tradeoff between growth and inequality -- 4.8 Summary -- References -- 5 Endogenous savings and extensions of the baseline model -- 5.1 Introduction -- 5.2 Cookbook procedures for static and dynamic optimization -- 5.2.1 The method of Lagrange -- 5.2.2 The method of Karush-Kuhn-Tucker.