Lukasz Rachel
@LukaszRachel
🇪🇺🇵🇱🇬🇧 Associate professor of economics @UCL_econ. Research Affiliate of the @CEPR_org. Co-director of @UCLPolicyLab. Member of @napokolenia.
参加 April 2015
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TLDR: whether wages go ⬆️ a lot as the K-share ⬆️ depends almost entirely on Pi:=cost of doing the newly automated tasks with L vs w AI. If you write Y=K^aL^{1-a} you're implicitly assuming Pi is huge, like 10x-35x 🤖 No surprise u'll find huge wages gains. Pls, report your Pi‼️
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I recently argued that AI-driven rise in capital share may not bring as large wage gains as some expect.
That was all steady state stuff:( and
Time for transitions! 1/N #Econtwitter#
Updated paper here:
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