RT Generic
T1 The lost race against the machine : automation, education and inequality in an R&D-based growth model
A1 Prettner,Klaus
A1 Strulik,Holger
WP 2017/03/16
AB We analyze the effect of automation on economic growth and inequality in an R&D-based growth model with two types of labor: highskilled labor that is complementary to machines and low-skilled labor that is a substitute for machines. The model predicts that innovationdriven growth leads to increasing automation, an increasing skill premium, an increasing population share of graduates, increasing income and wealth inequality, a declining labor share, and (in an extension of the basic model) increasing unemployment. In contrast to Pikettys famous claim that faster economic growth reduces inequality, our theory predicts that faster economic growth promotes inequality.
K1 Automation
K1 Wachstumsmodell
K1 Einkommensverteilung
K1 Ungleichheit
PP Hohenheim
PB Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
UL http://opus.uni-hohenheim.de/volltexte/2017/1339