Human and Horses

luddite_laptopHuman are not horses, says MIT economist Kenneth 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. 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).

It appears to me that Leontieff’s lesson was: human are not horses, but only in Gaussian type distributions. They are in power laws type frames.

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