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Should we fear the robot revolution : (The correct answer is yes)

Author: Andrew Berg; Edward F Buffie; International Monetary Fund. Institute for Capacity Development.
Publisher: Washington, D.C. : International Monetary Fund, Institute for Capacity Development, 2018.
Series: IMF working paper, WP/18/116.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Advances in artificial intelligence and robotics may be leading to a new industrial revolution. This paper presents a model with the minimum necessary features to analyze the implications for inequality and output. Two assumptions are key: "robot" capital is distinct from traditional capital in its degree of substitutability with human labor; and only capitalists and skilled workers save. The authors analyze a  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Berg, Andrew.
Should We Fear the Robot Revolution? (the Correct Answer Is Yes).
Washington, D.C. : International Monetary Fund, ©2018
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew Berg; Edward F Buffie; International Monetary Fund. Institute for Capacity Development.
ISBN: 9781484358047 148435804X 1484300831 9781484300831
OCLC Number: 1041838525
Notes: "May 2018."
Description: 1 online resource (61 pages).
Contents: Cover; Contents; I. Introduction; A. The Theoretical Literature: Searching for the Right Approach; B. This Paper; II. Model 1: Robots Do Everything; A. The Short- vs. Long-Run Outcome; B. The Transition Path; III. Model 2: Robots Cannot Do Everything; A. The Direct Effect of Automation (bZ₁! on Labor Demand; B. The Long Run; C. The Transition Path; IV. Model 3: Robots Do Not Substitute for Skilled Labor; A. Multi-Dimensional Inequality; B. The Transition Path: Distributional Carnage; V. Model 4: Adding a Non-Automatable Sector; VI. Concluding Remarks; References; Appendices; A. Model 1.
Series Title: IMF working paper, WP/18/116.
Responsibility: by Andrew Berg, Edward F. Buffie, and Luis-Felipe Zanna.

Abstract:

"Advances in artificial intelligence and robotics may be leading to a new industrial revolution. This paper presents a model with the minimum necessary features to analyze the implications for inequality and output. Two assumptions are key: "robot" capital is distinct from traditional capital in its degree of substitutability with human labor; and only capitalists and skilled workers save. The authors analyze a range of variants that reflect widely different views of how automation may transform the labor market. Their 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."--Abstract.

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