Representational image | Commons In 1983, Wassily Leontief, a Nobel Prize-winning economist, concluded that human labour would go the way of the horse after the automobile arrived – “first diminished and then eliminated.”
Today, a new wave of doomsaying has emerged surrounding “technological unemployment” as AI, with its promise of business innovation, has marched to the forefront of economic debate. Pundits argue we’re now drifting towards a “ world without work ” where machines produce all things and algorithms provide all services. Outclassed humans serve no role in this macroeconomic dystopia.
As we argue in Shocks, Crises, and False Alarms , […]
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