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Automation and Welfare: The Role of Bequests and Education
Author:
Manuk Ghazanchyan
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,
Alexei Goumilevski
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Alex Mourmouras
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Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 011
Language:
English
Publication Date:
12 Jan 2024
DOI:
https://doi.org/10.5089/9798400263026.001
ISBN:
9798400263026
ISSN:
1018-5941
Pages:
41
Keywords:
Automation; Aging; Altruism; Fiscal Policy; Education; Overlapping Generations; appendix B. Replicating Kotlikoff; automation technology; IMF working papers; welfare effect; S model; production function; Income; Human capital; Consumption; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines the welfare effects of automation in neoclassical growth models with and without intergenerational transfers. In a standard overlapping generations model without such transfers, improvements in automation technologies that would lower welfare can be mitigated by shifts in labor supply related to demographics or pandemics. With perfect intergenerational transfers based on altruism, automation could raise the well-being of all generations. With imperfect altruism, fiscal transfers (universal basic income) and public policies to expand access to education opportunities can alleviate much of the negative effect of automation.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund