Human and Horses

luddite_laptopHuman are not horses, says Rogoff and King Ludd is still dead. But Keynes thought differently, advancing the hypothesis of technological unemployment and another Nobel caliber academic, Leontieff, wrote an insightful article advancing the hypothesis that it is the technology that places constraints on the structure of incomes and returns, not politics – he truly understood Marx’s immortal lesson.
It appears to me his lesson was: human are not horses, but only in Gaussian type distributions. They are in power laws type frames.
See Wassily Leontief, “Technological Advance, Economic Growth, and the Distribution of Income”,  Population and Development Review (Vol. 9, No. 3 (Sep., 1983), pp. 403-410) (jstor)

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