2min chapter

"Hexapodia" Is the Key Insight: by Noah Smith & Brad DeLong cover image

Hexapodia XLIX: We Cannot Tell in Advance Which Technologies Are Labor-Augmenting & Which Are Labor-Replacing

"Hexapodia" Is the Key Insight: by Noah Smith & Brad DeLong

CHAPTER

The Importance of Labor Replacing Innovation

If you're a corporation, the way to make money is to commoditize every other piece of the value chain except the one in which your expertise is. Maybe there's a sense in which a large not for profit industrial research laboratory apparatus is good insurance against companies actually figuring out some way to tweak research and development. So it is labor replacing rather than labor augmenting because labor replacing innovation commoditizes more of theValue Chain then labor augmenting.

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