「Inclusive Korea 2018」 Seeking a New Policy Paradigm for Inclusion, Innovation and Peace
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[4-1] Spreading the benefits of economic growth when AI robots do more work and earn more income
Richard B. Freeman2018.05.28
Session 4. Tasks for Inclusive Welfare State in the Era of Transformation
Presentation 1. Spreading the benefits of economic growth when AI robots do more work and earn more income
Richard B. Freeman Ascherman Chair in Economics at Harvard University
□ This presentation makes the case that AI robotics technology differs from past automation experiences in sufficiently important ways to merit policy responses beyond the usual education and training, improved unemployment assistance, and modest increases in welfare spending.
○ On the basis of comparative advantage, new technology will mainly affect wages rather than causing the feared loss of jobs.
○ The technology will increasingly create machine competitors for humans in high value added ‘brain work’ jobs.
□ Income will shift from workers to machines. Consequently, the key will be the ownership of machines regardless of the benefits from the AI robot technology.
○ Policy solutions include greater employee ownership and profit-sharing in firms and broad-based ownership of business capital through pension funds, mutual funds, and sovereign funds that pay dividends to workers and other citizens.
○ The presentation argues for new policies sooner rather than later, People must have greater ownership.
Presentation 1. Spreading the benefits of economic growth when AI robots do more work and earn more income
Richard B. Freeman Ascherman Chair in Economics at Harvard University
□ This presentation makes the case that AI robotics technology differs from past automation experiences in sufficiently important ways to merit policy responses beyond the usual education and training, improved unemployment assistance, and modest increases in welfare spending.
○ On the basis of comparative advantage, new technology will mainly affect wages rather than causing the feared loss of jobs.
○ The technology will increasingly create machine competitors for humans in high value added ‘brain work’ jobs.
□ Income will shift from workers to machines. Consequently, the key will be the ownership of machines regardless of the benefits from the AI robot technology.
○ Policy solutions include greater employee ownership and profit-sharing in firms and broad-based ownership of business capital through pension funds, mutual funds, and sovereign funds that pay dividends to workers and other citizens.
○ The presentation argues for new policies sooner rather than later, People must have greater ownership.
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