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Author(s): Gasteiger, E.
Prettner, K.
Date: 2022
Title: Automation, stagnation, and the implications of a robot tax
Volume: 26
Number: 1
Pages: 218 - 249
ISSN: 1365-1005
DOI (Digital Object Identifier): 10.1017/S1365100520000139
Keywords: Automation
Robot taxes
Economic growth
Fiscal policy
Abstract: We assess the long-run growth effects of automation in the overlapping generations framework. Although automation implies constant returns to capital and, thus, an AK production side of the economy, positive long-run growth does not emerge. The reason is that automation suppresses wage income, which is the only source of investment in the overlapping generations model. Our result stands in sharp contrast to the representative agent setting with automation, where sustained long-run growth is possible even without technological progress. Our analysis therefore provides a cautionary tale that the underlying modeling structure of saving/investment decisions matters for the derived economic impact of automation. In addition, we show that a robot tax has the potential to raise per capita output and welfare at the steady state. However, it cannot induce a takeoff toward positive long-run growth.
Peerreviewed: yes
Access type: Open Access
Appears in Collections:DE-RI - Artigos em revistas internacionais com arbitragem científica

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