Similar Search Results

Polanyi's Paradox and the Shape of Employment Growth

Autor, David - 2014

In 1966, the philosopher Michael Polanyi observed, "We can know more than we can tell... The skill of a driver cannot be replaced by a thorough schooling in the theory of the motorcar; the knowledge I have of my own body differs altogether from the knowledge of its physiology." Polanyi's...

Persistent link: https://www.econbiz.de/10012458183

Demographics and Automation

Acemoglu, Daron - 2018

We argue theoretically and document empirically that aging leads to greater (industrial) automation, and in particular … older to middle-aged workers--is associated with greater adoption of robots and other automation technologies across … development of automation technologies in countries undergoing greater demographic change. Our directed technological change model …

Persistent link: https://www.econbiz.de/10012453293

Artificial Intelligence, Automation and Work

Acemoglu, Daron - 2018

We summarize a framework for the study of the implications of automation and AI on the demand for labor, wages, and … employment. Our task-based framework emphasizes the displacement effect that automation creates as machines and AI replace labor … counteracted by a productivity effect, resulting from the cost savings generated by automation, which increase the demand for labor …

Persistent link: https://www.econbiz.de/10012453517

Learning from Ricardo and Thompson : Machinery and Labor in the Early Industrial Revolution, and in the Age of AI

Acemoglu, Daron; Johnson, Simon - National Bureau of Economic Research - 2024

automation in the textile industry. Despite cotton textiles becoming one of the largest sectors in the British economy, real … wages for cotton weavers did not rise for decades. As E.P. Thompson emphasized, automation forced workers into unhealthy … factories with close surveillance and little autonomy. Automation can increase wages, but only when accompanied by new tasks …

Persistent link: https://www.econbiz.de/10014544695

Prediction Machines, Insurance, and Protection : An Alternative Perspective on AI's Role in Production

Agrawal, Ajay; Gans, Joshua; Goldfarb, Avi - National Bureau of Economic Research - 2022

Recent advances in AI represent improvements in prediction. We examine how decision-making and risk management strategies change when prediction improves. The adoption of AI may cause substitution away from risk management activities used when rules are applied (rules require always taking the...

Persistent link: https://www.econbiz.de/10013334395

Glass Box Machine Learning and Corporate Bond Returns

Bell, Sebastian; Kakhbod, Ali; Lettau, Martin; Nazemi, … - National Bureau of Economic Research - 2024

Machine learning methods in asset pricing are often criticized for their black box nature. We study this issue by predicting corporate bond returns using interpretable machine learning on a high-dimensional bond characteristics dataset. We achieve state-of-the-art performance while maintaining...

Persistent link: https://www.econbiz.de/10015171721

Asset Embeddings

Gabaix, Xavier; Koijen, Ralph S. J.; Richmond, Robert J.; … - National Bureau of Economic Research - 2025

Firm characteristics, based on accounting and financial market data, are commonly used to represent firms in economics and finance. However, investors collectively use a much richer information set beyond firm characteristics, including sources of information that are not readily available to...

Persistent link: https://www.econbiz.de/10015398104

AI and Jobs : Evidence from Online Vacancies

Acemoglu, Daron; Autor, David H.; Hazell, Jonathon; … - National Bureau of Economic Research - 2022 - Revised February 2022

We study the impact of AI on labor markets, using establishment level data on vacancies with detailed occupational information comprising the near-universe of online vacancies in the US from 2010 onwards. We classify establishments as "AI exposed" when their workers engage in tasks that are...

Persistent link: https://www.econbiz.de/10012482476

Automation and the workforce : a firm-level view from the 2019 Annual Business Survey

Acemoglu, Daron; Anderson, Gary; Beede, David Nathan; … - 2022

Persistent link: https://www.econbiz.de/10013465373

The A.I. Dilemma : Growth versus Existential Risk

Jones, Charles I. - National Bureau of Economic Research - 2023

Advances in artificial intelligence (A.I.) are a double-edged sword. On the one hand, they may increase economic growth as A.I. augments our ability to innovate. On the other hand, many experts worry that these advances entail existential risk: creating a superintelligence misaligned with human...

Persistent link: https://www.econbiz.de/10014436968