Robots Are Us: Some Economics of Human Replacement

Seth Benzel (), Laurence Kotlikoff, Guillermo LaGarda and Jeffrey Sachs
Additional contact information
Seth Benzel: Initiative on the Digital Economy, MIT
Laurence Kotlikoff: Boston University
Jeffrey Sachs: Columbia University

No WP2020-003, Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics

Abstract: Will smart machines do to humans what the internal combustion engine did to horses – render them obsolete? If so, can putting people out of work or, at least, good work leave them unable to buy what smart machines produce? Our model’s answer is yes. Over time and under the right conditions, today’s supply reduces tomorrow’s demand, leaving everyone worse off in the long-run. Carefully crafted redistribution policies can prevent such immiserating growth. But blunt policies, such as limiting intellectual property rights or restricting labor supply, can make matters worse.

Pages: 60 pages
Date: 2019-01
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: Robots Are Us: Some Economics of Human Replacement (2015)
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