AI Snips
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New Tasks Drive Demand and Employment
- New tasks often create new products alongside or independent of existing demand.
- Automation paired with new tasks supports employment growth, confirmed by examples like Ford and ATMs.
UK Welfare Gains Lagged Due to Institutional Failures
- Early UK industrialization had harsh automation tech, low worker power, and poor public infrastructure.
- Democratization, labor rights, and infrastructure improvements later enabled welfare gains.
US Shared Prosperity Post-WWII Explained
- Post-WWII USA prospered due to automation complemented by new tasks raising worker productivity.
- Strong labor movement and regulatory environment counterbalanced corporate power effectively.