Preparing for the (Non-existent?) Future of Work

Delivering sustainable economic growth
Aug 15, 2022 | Brookings Center on Regulation and Markets

Since the beginning of the Industrial Revolution, technological progress has benefited capital and labour in roughly equal proportions over time, giving rise to large increases in real wages. In this Brookings Center on Regulation and Markets working paper, Anton Korinek and Megan Juelfs analyze how to set up institutions that future-proof society for a scenario of ever-more-intelligent autonomous machines that substitute for human labour and drive down wages. They lay out three concerns arising from such a scenario, engendering the economic redundancy of labour; and evaluate recent predictions and objections to these concerns. They then analyse how to allocate work and income if this consequence materializes.

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