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AI, Software, and White-Collar Jobs
"Econ 102" with Noah Smith and Erik Torenberg
Complement or Substitute: The Dual Nature of Labor
Labor can either be enhanced or undermined by technological advancements. When tools like drill presses complement a machinist's skill, they increase productivity and potential earnings. Conversely, technologies such as ATMs substitute for human labor, leading to reduced earnings for those performing similar tasks. This dichotomy highlights the importance of understanding how technological innovation interacts with labor: it can either enhance capacity or replace human effort entirely.
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