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Chapter 21 Robotics and Growth

In: Economic Growth and Development

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  • Erling Steigum

Abstract

This chapter examines the implications of introducing “robot capital goods” in a one-sector optimal growth model, assuming a high elasticity of substitution between workers and robots. The growth path will either converge to a steady state, or involve endogenous growth without scale effects. In the latter case, the optimal growth rate of output per worker will converge to a positive number that depends on both technological and preference parameter. Moreover, the rate of growth could be increased permanently by subsidizing saving.

Suggested Citation

  • Erling Steigum, 2011. "Chapter 21 Robotics and Growth," Frontiers of Economics and Globalization, in: Economic Growth and Development, pages 543-555, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:fegzzz:s1574-8715(2011)0000011026
    DOI: 10.1108/S1574-8715(2011)0000011026
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    Cited by:

    1. Burkhard Heer & Andreas Irmen & Bernd Süssmuth, 2023. "Explaining the decline in the US labor share: taxation and automation," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 30(6), pages 1481-1528, December.
    2. Sasaki, Hiroaki, 2023. "Growth with automation capital and declining population," Economics Letters, Elsevier, vol. 222(C).

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