Robots Are Us: Some Economics of Human Replacement

Working Paper No. 20941 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,...

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Bibliographic Details
Published in:NBER Working Paper Series 2015-02, p.20941
Main Authors: Benzell, Seth G, Kotlikoff, Laurence J, LaGarda, Guillermo, Sachs, Jeffrey D
Format: Article
Language:English
Subjects:
Analysis
Economic theory
Economics
Income redistribution
Information technology
Intelligent systems
Robots
Social conditions & trends
Software
Studies
Wages & salaries
Workers
Citations: Items that cite this one
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Summary:Working Paper No. 20941 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.
ISSN:0898-2937
DOI:10.3386/w20941