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productivity. We distinguish AI users that source AI from external providers (AI buyers) from those developing their own AI systems … into AI use. This is not the case for AI developers, for which the positive link between AI use and productivity remains …
Persistent link: https://www.econbiz.de/10015121154
We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its capital-income ratio, and its factor income distribution put forth in his recent book Capital in the Twenty-First Century. We find that a smaller long-run growth rate may be...
Persistent link: https://www.econbiz.de/10011568791
How exposed is the labour market to ever-advancing AI capabilities, to what extent does this substitute human labour, and how will it affect inequality? We address these questions in a simulation of 711 US occupations classified by the importance and level of cognitive skills. We base our...
Persistent link: https://www.econbiz.de/10015077845
knowledge sector is bounded, as productivity increases, the economy moves from a Solovian zone where wages increase with … productivity, to a Marxian zone where they paradoxically decline with productivity. This is because as consumption of a given good … more unevenly distributed than productivity, technical progress always increases inequality. Redistribution from profits to …
Persistent link: https://www.econbiz.de/10011398011
effect on the adopters' employment and on the value-added and average wage, whereas sales and productivity increase after an …
Persistent link: https://www.econbiz.de/10014383690
We study whether technology gains in sectors related to Information and Communications Technology (ICT) increase … productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative … effect of ICT-related technology gains on sectoral technology (TFP), we find two sets of results. First, since the mid-2000s …
Persistent link: https://www.econbiz.de/10012391362
with productivity growth. I provide evidence suggesting, however, that in recent decades automation has outpaced the …
Persistent link: https://www.econbiz.de/10012206073
What is a good reduced-form representation of Ramsey-Cass-Koopmans. (RCK) model? Solow's model (despite non-optimizing agents) provides predictions largely consistent with a closed-economy RCK but fundamentally differs regarding open-economy income convergence. Where RCK predicts partial income...
Persistent link: https://www.econbiz.de/10012619417
A fast-growing literature shows that digital technologies are displacing labor from routine tasks, raising concerns that labor is racing against the machine. We develop a task-based framework to estimate the aggregate labor demand and employment effects of routine-replacing technological change...
Persistent link: https://www.econbiz.de/10011903802
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...
Persistent link: https://www.econbiz.de/10012031062