BoE paper outlines new theory of automation and inequality
Authors highlight “new theoretical mechanism” linking automation to higher wealth inequality
Research published by the Bank of England tries to fill a gap in the existing theoretical literature on how automation impacts inequality.
In the working paper, authors Benjamin Moll, Lukasz Rachel and Pascual Restrepo focus on the returns that accrue to holders of capital. They note much of the literature to date has focused on how labour income is affected by automation, neglecting the importance of capital holdings as a source of income, particularly for richer people.
The authors develop a
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