Automation and Its Macroeconomic Consequences reveals new ways to understand the economic characteristics of our increasing dependence on machines. Illuminating technical and social elements, it describes economic policies that could counteract negative income distribution consequences of automation without hampering the adoption of new technologies. Arguing that modern automation cannot be compared to the Industrial Revolution, it considers consequences of automation such as spatial patterns, urbanization, and regional concerns. In touching upon labor, growth, demographic, and policy, Automation and its Macroeconomic Consequences stands at the intersection of technology and economics, offering a comprehensive portrait illustrated by empirical observations and examples.
1. Chapter 1. Introduction - p. 1 2. Chapter 2. The stylized facts - p. 21 3. Chapter 3. Empirical evidence on the economic effects of automation - p. 47 4. Chapter 4. A simple macroeconomic framework for analyzing automation - p. 67 5. Abstract - p. 67 6. 4.1 Preliminaries and definitions - p. 67 7. 4.2 The simplest version of the standard 1956 Solow model in discrete time - p. 75 8. 4.3 The Solow model in continuous time with technological progress and with population growth - p. 82 9. 4.4 The Solow model with automation - p. 90 10. 4.5 Endogenization of the share of investment in traditional physical capital - p. 98 11. 4.6 Automation and wage inequality - p. 101 12. 4.7 The tradeoff between growth and inequality - p. 104 13. 4.8 Summary - p. 107 14. References - p. 109 15. Chapter 5. Endogenous savings and extensions of the baseline model - p. 113 16. Abstract - p. 113 17. 5.1 Introduction - p. 113 18. 5.2 Cookbook procedures for static and dynamic optimization - p. 114 19. 5.3 Endogenous savings in the Ramsey–Cass–Koopmans model - p. 131 20. 5.4 Automation in the Ramsey–Cass–Koopmans model - p. 138 21. 5.5 Endogenous savings in the OLG model - p. 140 22. 5.6 Automation in the OLG model - p. 147 23. 5.7 Discussion of extensions - p. 150 24. 5.8 Summary - p. 156 25. References - p. 158 26. Chapter 6. Automation as a potential response to the challenges of demographic change - p. 163 27. Chapter 7. Policy challenges - p. 187 28. Chapter 8. Peering into the future: long-run economic and social consequences of automation; with an epilogue on COVID-19 - p. 209 29. Index - p. 223
Automation and Its Macroeconomic Consequences reveals new ways to understand the economic characteristics of our increasing dependence on machines. Illuminating technical and social elements, it describes economic policies that could counteract negative income distribution consequences of automation without hampering the adoption of new technologies. Arguing that modern automation cannot be compared to the Industrial Revolution, it considers consequences of automation such as spatial patterns, urbanization, and regional concerns. In touching upon labor, growth, demographic, and policy, Automation and its Macroeconomic Consequences stands at the intersection of technology and economics, offering a comprehensive portrait illustrated by empirical observations and examples.
1. Chapter 1. Introduction - p. 1 2. Chapter 2. The stylized facts - p. 21 3. Chapter 3. Empirical evidence on the economic effects of automation - p. 47 4. Chapter 4. A simple macroeconomic framework for analyzing automation - p. 67 5. Abstract - p. 67 6. 4.1 Preliminaries and definitions - p. 67 7. 4.2 The simplest version of the standard 1956 Solow model in discrete time - p. 75 8. 4.3 The Solow model in continuous time with technological progress and with population growth - p. 82 9. 4.4 The Solow model with automation - p. 90 10. 4.5 Endogenization of the share of investment in traditional physical capital - p. 98 11. 4.6 Automation and wage inequality - p. 101 12. 4.7 The tradeoff between growth and inequality - p. 104 13. 4.8 Summary - p. 107 14. References - p. 109 15. Chapter 5. Endogenous savings and extensions of the baseline model - p. 113 16. Abstract - p. 113 17. 5.1 Introduction - p. 113 18. 5.2 Cookbook procedures for static and dynamic optimization - p. 114 19. 5.3 Endogenous savings in the Ramsey–Cass–Koopmans model - p. 131 20. 5.4 Automation in the Ramsey–Cass–Koopmans model - p. 138 21. 5.5 Endogenous savings in the OLG model - p. 140 22. 5.6 Automation in the OLG model - p. 147 23. 5.7 Discussion of extensions - p. 150 24. 5.8 Summary - p. 156 25. References - p. 158 26. Chapter 6. Automation as a potential response to the challenges of demographic change - p. 163 27. Chapter 7. Policy challenges - p. 187 28. Chapter 8. Peering into the future: long-run economic and social consequences of automation; with an epilogue on COVID-19 - p. 209 29. Index - p. 223
