[Summers] indicates that Thomas Piketty does not emphasize the threat of robotics and associated technologies enough....
But the critiques fail to appreciate that Piketty does look to the future, in fact he specifically states in his book the extreme example is a society where robots produce the entire output, and that in this case the returns will go entirely to the owners of robots and factoral income distribution would be 100% capital, 0% labor....Oops. Looks like Larry Summers just skimmed through Piketty.
And he refers his readers to his online technical slides where he speaks of the “extreme case” being a “pure robot-economy.” And the people to worry about are those “that own the robots.”
RobotEconomics
Larry Summers gets it wrong on Piketty and Robots
Colin Lewis | Behavioral Economist and Data Scientist providing research and advisory services in automation, robotics and artificial intelligence
(h/t Brad DeLong)
1 comment:
"where he speaks of the “extreme case” being a “pure robot-economy.”
libertarian paradise! who needs anyone else?!?!!
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