The Rise of the Machines: Automation, Horizontal Innovation, and Income Inequality

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-12-30 DOI:10.1257/mac.20160164

David Hémous, Morten Olsen

引用次数: 0

Abstract

We build an endogenous growth model with automation (the replacement of low-skill workers with machines) and horizontal innovation (the creation of new products). Over time, the share of automation innovations endogenously increases through an increase in low-skill wages, leading to an increase in the skill premium and a decline in the labor share. We calibrate the model to the US economy and show that it quantitatively replicates the paths of the skill premium, the labor share, and labor productivity. Our model offers a new perspective on recent trends in the income distribution by showing that they can be explained endogenously. (JEL D31, E25, J24, J31, O33, O41)

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《机器的崛起:自动化、横向创新和收入不平等

我们用自动化(用机器取代低技能工人)和横向创新(创造新产品)建立了一个内生增长模型。随着时间的推移，自动化创新的份额通过低技能工资的增加而内生地增加，从而导致技能溢价的增加和劳动力份额的下降。我们将模型校准到美国经济，并表明它在数量上复制了技能溢价、劳动份额和劳动生产率的路径。我们的模型通过表明收入分配可以内生解释，为收入分配的近期趋势提供了一个新的视角。(j31, j25, j24, j31, o33, o41)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.