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Automation and Welfare: The Role of Bequests and Education

This paper examines the welfare effects of automation in neoclassical growth models with and without intergenerational transfers. In a standard overlapping generations model without such transfers, improvements in automation technologies that would lower welfare can be mitigated by shifts in labor s...

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Bibliographic Details
Main Author: Ghazanchyan, Manuk
Other Authors: Goumilevski, Alexei, Mourmouras, Alex
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2024
Series:IMF Working Papers
Subjects:
Economic & Financial Crises & Disasters
Technological Change: Choices And Consequences
Wealth
Economics
Neoclassical
Income
Labour
Human Capital
Technology
Saving
Economics: General
Fiscal Policy
Skills
Informal Sector
Diffusion Processes
Aggregate Factor Income Distribution
National Accounts
Labor
Education
Economics Of Specific Sectors
Labor Productivity
Automatic Control Engineering
Currency Crises
Education: General
Consumption
Macroeconomics
Occupational Choice
Macroeconomics: Consumption
Altruism
Automation
Income Economics
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper examines the welfare effects of automation in neoclassical growth models with and without intergenerational transfers. In a standard overlapping generations model without such transfers, improvements in automation technologies that would lower welfare can be mitigated by shifts in labor supply related to demographics or pandemics. With perfect intergenerational transfers based on altruism, automation could raise the well-being of all generations. With imperfect altruism, fiscal transfers (universal basic income) and public policies to expand access to education opportunities can alleviate much of the negative effect of automation
Physical Description:41 pages
ISBN:9798400263026

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