Monday, February 16, 2015

And you were worried only about MOOCs...

From the National Bureau of Economic Research:

Robots Are Us: Some Economics of Human Replacement

Seth G. Benzell, Laurence J. Kotlikoff, Guillermo LaGarda, Jeffrey D. Sachs

NBER Working Paper No. 20941, February 2015

Abstract: Will smart machines replace humans like the internal combustion engine replaced horses? If so, can putting people out of work, or at least out of good work, also put the economy out of business? Our model says yes. Under the right conditions, more supply produces, over time, less demand as the smart machines undermine their customer base. Highly tailored skill- and generation-specific redistribution policies can keep smart machines from immiserating humanity. But blunt policies, such as mandating open-source technology, can make matters worse.

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