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Citation link: https://doi.org/10.26092/elib/1479
Fragile Robots, Economic Growth and Convergence_Klarl_IERP.pdf
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Fragile Robots, Economic Growth and Convergence


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Authors: Klarl, Torben 
Publisher: Institute for Economic Research and Policy (IERP) 
Abstract: 
Technological progress leads to the development of robots that are more error-prone and fragile than their predecessors. As a consequence, the utilization of the existing automation capital stock is associated with higher wear and tear, CPU overload or communication downtime and, as a consequence, an increase of depreciation costs. This in turn affect new investments in the future. Considering a growth model with physical and automation capital utilization, we argue that in a fully automated society, the utilized automation capital is a perfect substitute for labor, not the automation capital stock per se. We show that it is not necessarily the introduction of capital utilization by itself, but the relationship between the elasticities of utilization of automation and physical capital that plays a crucial role in slowing down the convergence speed in a model that reflects an automated society.
Keywords: Automation; Capital Utilization; Perpetual Economic Growth
Issue Date: 25-Mar-2022
Journal/Edited collection: Bremen Papers on Economics & Innovation 
Band: 2202
Type: Artikel/Aufsatz
ISSN: 2629-3994
DOI: 10.26092/elib/1479
URN: urn:nbn:de:gbv:46-elib58560
Institution: Universität Bremen 
Faculty: Fachbereich 07: Wirtschaftswissenschaft (FB 07) 
Institute: Institute for Economic Research and Policy (IERP) 
Appears in Collections:Forschungsdokumente

  

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