Classical Labour-Displacing Technological Change: The Case of the US Insurance Industry
AbstractThe post-war American insurance industry has undergone a profound change in the structure of demand for labour owing to massive mechanisation in the form of both automation and computerisation. This paper finds that the classical dynamic of labour-displacing technological change--as identified by Smith, Ricardo, Babbage, Marx, as well as Keynes and Schumpeter--has been a persistent feature of this sector. Moreover, while the loci of mechanisation initially focused on clerical employment, the drive for further cost reductions in labour-intensive professional activities including accounting, actuarial, insurance agents and underwriting have now become the focus of further mechanisation. Copyright 2001 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 25 (2001)
Issue (Month): 4 (July)
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- Hölzl,Werner & Reinstaller,Andreas, 2003. "The Babbage principle after evolutionary economics," Research Memorandum 016, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
- Andreas Reinstaller & Werner Hölzl, 2001. "The creative response in economic development: the case of information processing technologies in US manufacturing, 1870-1930," Working Papers geewp15, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
- Jessica G. Lambert & Gail P. Lambert, 2011. "Predicting the Psychological Response of the American People to Oil Depletion and Declining Energy Return on Investment (EROI)," Sustainability, MDPI, Open Access Journal, vol. 3(11), pages 2129-2156, November.
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