Professor Unni Pillai publishes paper in Macroeconomics Dynamics on the surprising impact when IT-enabled devices become highly substitutable for human labor
Dr. Unni Pillai, SUNY Polytechnic Institute Associate Professor and Head of Nanoengineering has published a paper in Macroeconomic Dynamics, a top field journal in the area of macroeconomics.
The paper, "Automation, productivity, and innovation in information technology," develops a theoretical mathematical model to understand the implications for the economy when IT-enabled devices (AI devices/computers) become highly substitutable with human labor. The paper looks at what will happen to employment, productivity and GDP growth in this scenario.
Intriguingly, under some conditions, explained in detail in the paper, the model shows that total employment can increase even if IT-enabled machines continuously replace human labor in every production process.
Read the Paper Here