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Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
ECON WPS No. 04/2016
Verlag: 
Vienna University of Technology, Institute of Statistics and Mathematical Methods in Economics, Research Group Economics, Vienna
Zusammenfassung: 
We introduce automation into the standard Solovian model of capital accumulation and show that (i) there is the possibility of perpetual growth, even in the absence of technological progress; (ii) the long-run economic growth rate declines with population growth, which is consistent with the available empirical evidence; (iii) there is a unique share of savings diverted to automation that maximizes the long-run growth rate of the economy; (iv) the labor share declines with automation to an extent that fits to the observed pattern.
Schlagwörter: 
automation
robots
machine learning
perpetual economic growth
declining labor share
inequality
JEL: 
O11
O33
O41
Dokumentart: 
Working Paper

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