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The future of jobs is facing one, maybe two, of the biggest price distortions ever

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  • Lant Pritchett

Abstract

Discussions of the future of jobs are concerned that technological change will displace labor and particularly jobs. In this work it is rarely remarked on the strangeness that some of the most globally scarce factors of high level technical expertise, capability to innovate, and entrepreneurial talent are devoted to economizing on – reducing the demand for – one of the most globally abundant factors: low to medium skill labor. I show that policy based barriers to the mobility of labor have created the largest single price distortion in history and that this price distortion induces biased technological change.

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  • Lant Pritchett, 2020. "The future of jobs is facing one, maybe two, of the biggest price distortions ever," Middle East Development Journal, Taylor & Francis Journals, vol. 12(1), pages 131-156, January.
    • Handle: RePEc:taf:rmdjxx:v:12:y:2020:i:1:p:131-156
    DOI: 10.1080/17938120.2020.1714347
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    Cited by:

    1. Katya Klinova & Anton Korinek, 2021. "AI and Shared Prosperity," Papers 2105.08475, arXiv.org.
    2. Lukas Schlogl, 2020. "Leapfrogging into the unknown: The future of structural change in the developing world," WIDER Working Paper Series wp-2020-25, World Institute for Development Economic Research (UNU-WIDER).

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