The Oscar goes to … robots or humans? Competition in a directed technical change model with monetary policy

Oscar Afonso

Economics of Innovation and New Technology, 2023, vol. 32, issue 3, 323-342

Abstract: In this paper, the Directed Technical Change model was extended to consider robotics and the monetary authority. Production, in two sectors, uses human labor and robotic labor, in addition to the intermediate goods where technological knowledge is incorporated. It resulted that the growth-inflation relationship is negative (positive) when there is substitutability (complementarity) between sectors. In addition, a relaxation of the CIA's restrictions on one sector promotes an improvement in technological knowledge of that sector and in the remuneration of the labor it uses. Both the direction of technological knowledge and the relative return on human labor depend positively on the relative importance of the human sector in the economy, the relative productivity of the human sector in R&D, and the increasing financial constraints for R&D producers in the robotic sector relative to the human sector. Finally, a numerical analysis gave an idea of the relative remuneration of human labor in the eurozone and allows the evaluation of theoretical results.

Date: 2023
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DOI: 10.1080/10438599.2021.1913136

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