In particular, that report considers substituting capital for labor a potential driver of explosive growth. Fen’s argument from the Baumol effect relies on the premise that there are baseline levels of labor that cannot be automated, and that productivity growth is therefore limited by those bottlenecks.
In particular, that report considers substituting capital for labor a potential driver of explosive growth. Fen’s argument from the Baumol effect relies on the premise that there are baseline levels of labor that cannot be automated, and that productivity growth is therefore limited by those bottlenecks.