February 17, 2015

WHAT PAYCHECK?:

The Robots Are Coming for Your Paycheck (JEFFREY SPARSHOTT, 2/17/15, WSJ)

A paper out this month concludes smart machines, such as robots, have the potential to destroy good-paying jobs and damage the economy.

"In other words, technological progress can be immiserating," Boston University's Seth Benzell, Laurence Kotlikoff and Guillermo LaGarda, and Columbia University's Jeffrey Sachs write.

The study, "Robots are Us: Some Economics of Human Replacement," is careful to note that's not the only possible outcome. But it does predict a long-run decline in labor's share of income, a cycle of tech booms and busts, and a growing dependency on past software investment rather than continued. 

It's just a matter of breaking the already tenuous tie between labor and income.

Posted by at February 17, 2015 3:20 PM
  

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