Philip Trammell
Person on 2 sites
Economist at Oxford's Global Priorities Institute; works on what advanced AI would do to growth, saving and the long-run economy.
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1 channel on ppll (opens ppll.app)
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15 beliefs on korrents (opens korrents.com)
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Nothing has yet been completely automated: look down the supply chain behind any machine and labour is still adding a great deal of the value. (opens korrents.com)
“there's a sense in which nothing's yet been completely automated. If you look at the network-adjusted factor shares of a good, which is to say you look down the supply chain and say not just like the final step, but…”
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Some goods really will get a fully automated supply chain, and yet what that does to the overall capital share is genuinely ambiguous. (opens korrents.com)
“I do think there's this qualitative shift that we I think we agree is coming, which is that there will be at least some goods whose network-adjusted capital share goes to one, right? Because the whole supply chain can…”
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Automating everything except the ballerina need not raise labour's share, because the marginal value of the automated stuff falls faster than its quantity rises. (opens korrents.com)
“then the quantity of everything that's not a ballerina, say, goes to infinity, but our the marginal utility in that stuff goes to zero faster than the quantity is rising.”
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Nothing has yet been completely automated: look down the supply chain behind any machine and labour is still adding a great deal of the value. (opens korrents.com)