Archive for March 5th, 2015

Robots Are Us: Some Economics of Human Replacement

March 5, 2015

Interesting and a different kind of paper.

It says machines can indeed replace humans:

Will smart machines replace humans like the internal combustion engine replaced horses? If so, can putting people out of work, or at least out of good work, also put the economy out of business? Our model says yes. Under the right conditions, more supply produces, over time, less demand as the smart machines undermine their customer base. Highly tailored skill- and generation-specific redistribution policies can keep smart machines from immiserating humanity. But blunt policies, such as mandating open-source technology, can make matters worse.

It has an interesting historical discussion starting from Ned Ludd who destroyed two machines fearing new technology..

What Is Behavioral Economics?

March 5, 2015

A video on the same (though have not seen it yet)..

Budget should have provided reforms for today, near future, long term future..

March 5, 2015

Tired of reading expert statements on the budget. It is all over the place. I mean what do people really want? Everyone keeps saying big bang reforms and so on. Those who expected big bang reforms not finding them, said the budget is for long term. Some others were disappointed.

I came across this article (that too from Pennsylvania) which says the budget has some reforms for future but nothing for today’s reforms!:

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