Should We Fear the Robot Revolution? : (The Correct Answer is Yes) /
We may be on the cusp of a 'second industrial revolution' based on advances in artificial intelligence and robotics. We analyze the implications for inequality and output, using a model with two assumptions: 'robot' capital is distinct from traditional capital in its degree of su...
| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2018.
|
| Series: | IMF Working Papers; Working Paper ;
No. 2018/116 |
| Online Access: | Full text available on IMF |
| Summary: | We may be on the cusp of a 'second industrial revolution' based on advances in artificial intelligence and robotics. We analyze the implications for inequality and output, using a model with two assumptions: 'robot' capital is distinct from traditional capital in its degree of substitutability with human labor; and only capitalists and skilled workers save. We analyze a range of variants that reflect widely different views of how automation may transform the labor market. Our main results are surprisingly robust: automation is good for growth and bad for equality; in the benchmark model real wages fall in the short run and eventually rise, but 'eventually' can easily take generations. |
|---|---|
| Item Description: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Physical Description: | 1 online resource (61 pages) |
| Format: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Access: | Electronic access restricted to authorized BRAC University faculty, staff and students |