Many observers speculate that automation will reduce the overall demand for labor in the near-term future. This may or may not be the case, but it is virtually certain that changes in the demographic composition of the population will reduce the supply of labor in most developed countries over the next 2-3 decades. The impact on wages and income will depend on the relative magnitude of these two effects.
Speaker: Hal Varian, Google
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Berkeley, CA 94720
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