#29 – Phil Trammell on Economic Growth under Transformative AI
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The Importance of Capital and Labor in Growth
Capital and labor are each paid roughly their marginal product. Capital accumulation on its own can't sustain growth because labor is too important a part of the production process. The question is, is there any way to increase the supply of labor without just increasing the number of people working? Yes, indeed. So this is where growth comes in.
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