|
on Post Keynesian Economics |
| By: | Korinek, Anton |
| Abstract: | This paper examines the profound challenges that transformative advances in AI towards Artificial General Intelligence (AGI) will pose for economists and economic policymakers. I examine how the Age of AI will revolutionize the basic structure of our economies by diminishing the role of labor, leading to unprecedented productivity gains but raising concerns about job disruption, income distribution, and the value of education and human capital. I explore what roles may remain for labor post-AGI, and which production factors will grow in importance. The paper then identifies eight key challenges for economic policy in the Age of AI: (1) inequality and income distribution, (2) education and skill development, (3) social and political stability, (4) macroeconomic policy, (5) antitrust and market regulation, (6) intellectual property, (7) environmental implications, and (8) global AI governance. It concludes by emphasizing how economists can contribute to a better understanding of these challenges. |
| Keywords: | Artificial General Intelligence; Automation; Growth; Inequality |
| JEL: | A1 E24 O3 O4 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19539 |
| By: | Beck, Thorsten; Levine, Ross |
| Abstract: | This chapter reviews the finance and law literature, which focuses on the role of legal institutions in shaping financial development. Considerable research finds that (1) in legal systems that enforce private property rights, support private contractual arrangements, and protect investors’ legal rights, savers are more willing to finance firms, and financial markets more efficiently allocate capital, and (2) the different legal traditions that emerged in Europe over previous centuries and were spread internationally through conquest, colonization, and imitation help explain cross-economy differences in investor protection, the contracting environment, and financial development. We discuss alternative explanations of financial development and weigh the evidence. |
| Keywords: | Legal institutions; Legal origins; Corporate finance; legal adaptability; Political structure |
| JEL: | G1 G2 G3 K2 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19387 |
| By: | Mackett, Odile |
| Abstract: | Studies of inequality have become more popular in recent decades as the incidence of inequality and its consequences have become problematised. Alongside these studies, an interest in time use and temporal inequalities have also grown. Time use studies have primarily focussed on women’s unpaid work, specifically as debates about the care economy, and the growing care crisis accompanied by population ageing have entered policy debates. Time and its availability is embedded in every process of our lives, having important implications for economic outcomes, social interactions, health status, and the resources we have with which to mediate these outcomes. Time thus acts as a master variable that connects phenomena usually treated as separate, such as health, fertility, wealth, accumulation and environmental degradation. This paper develops a multidimensional framework for analysing temporal inequality built around three dimensions: temporal resources (time poverty), temporal autonomy (time dispossession), and temporal horizons (time foreshortening). While existing concepts such as time poverty capture important aspects of temporal inequality they provide only a partial understanding of how temporal resources, autonomy and future horizons are structured. The framework is illustrated through examples drawn from social reproduction and the care economy, demonstrating how temporal inequalities shape outcomes across health, work and wellbeing. The paper highlights that understanding temporal inequalities requires attention not only to how much time individuals possess, but also to who controls that time and whose present time can be converted into future security, wellbeing and accumulation. |
| Date: | 2026–07–15 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:uewfr_v1 |