Indian Institute of Technology, Kanpur Ph. Walrasian Equilibrium without an Auctioneer:
He debunks the idea that we are on the cusp of a major technological change that will drastically alter the nature of work, leave Americans unemployed, and exacerbate already high levels of economic inequality.
Paul argues that the way automation affects economic security is largely structured by the underlying rules of our economy. Workers are right to be concerned about the negative effects of technological change because the historical link between labor productivity and wages, which grew side-by-side for most of the 20th century, is broken.
Paul draws on data to show that while some workers will face short-term job loss, there is nothing to indicate that automation will lead to the end of work. In order to fix this broken link, Paul proposes several policy changes that would ensure that the economic benefits from technological change are widespread: Implementing full employment would create a significantly tighter labor market, which would both encourage technological advance and nullify the potential negative effects of technology on workers.
Revised intellectual property law: Intellectual property law is a primary reason why technological advances currently exacerbate inequality. While a first step would be reducing the lengths of patents and copyright protections, more substantial measures should also be pursued.
Public guidance in technological development: Government has a sizeable role in leading the direction of innovation through funding research and establishing research agencies.
The government should focus on tech innovations that complement workers. First, in reducing the overall hours typically worked by individuals; and second, by temporarily reducing working hours during economic downturns, rather than laying off workers.
Free higher education and vocational training: Education and training are vital components in advancing society and maintaining a productive workforce.
More accessible options should be made available to the public. Evidence does not show that rapid automation is here, or even that it is just around the corner. But it is clear that technological advances in the past few decades have not lead to broad-based economic growth.
To combat inequality and unemployment and rebuild an economy where productivity gains directly translate into higher living standards for all, Paul reiterates that the institutions currently governing our economy must be transformed.Professor, Centre for Economic Studies and Policy (CESP) Area of Specialisation.
Banking and credit related issues; Issues relating to Development Economics (game theoretic modeling) Industrial Economics. The benefits and drawbacks of insourcing asset management; What kind of impact are new regulations, such as Mifid II, having on asset owners?
How are asset owners incorporating sustainable investment strategies in their portfolios? FINANCIALIZATION OF THE ECONOMY GERALD F. DAVIS Ross School of Business The University of Michigan long-term employment and stable retirement benefits were replaced by disaggregated and why financial markets have spread and with what effect on central research domains.
Whatever the efficiency of this N-back test, g loadings decrease after practice. In other words, we can outsmart "g". In the present research two studies are used to investigate the relation between g loading of tests and practice (test-retest) and coaching (active teaching) effects.
Five years after the official end of the Great Recession, corporate profits are high, and the stock market is booming. Yet most Americans are not sharing in the recovery.
This is the somethingth review, so cut to the chase: this is a good survey of the impact of the financialization on the US economy.
Its main strength is that it highlights many facets of the problem.