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17min chapter
7. Phil Trammell on Economic Growth under Transformative AI
The Inside View
Elasticity of Substitution in Production
This chapter explores the elasticity of substitution between capital and labor in economic production, analyzing how changes in one affect the other. It highlights the critical role of the capital-to-labor ratio and the intricacies of their interaction, emphasizing practical implications in production dynamics. Through mathematical models and intuitive examples, the discussion reveals how the balance between human labor, robotic integration, and technological advancements influences economic growth.
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