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Computers and the Return on Capital (First Up, Then Down)
Albert Wenger – May 27, 2014
Having examined the impact of computers on wages the logical next question to ask is what this means for the returns on capital. Here is the TL;DR version: higher returns in the short run and lower returns in the long [...] Read more
Computers and Wages (The Great Divergence)
Albert Wenger – May 22, 2014
As I argued in my last post, there is good reason to believe that computers are substitutes for labor in general. Their apparent complementarity with skilled labor was the result of substituting skilled labor for unskilled labor rather than being [...] Read more
Computers and Skilled Labor (Substitutes or Complements?)
Albert Wenger – May 20, 2014
Earlier this week I posted about production functions which must have felt very dry but I promise there is a payoff (terms defined in the previous post are linked). Let’s consider a production function with three factors: computers, skilled labor [...] Read more
Production Function (A Quick Overview)
Albert Wenger – May 19, 2014
So I have been meaning to write more about what is happening to labor and capital as we transition from industrial society to information society. To do that well I need lay some groundwork first though by talking about the [...] Read more
#StopTheSlowLane
Albert Wenger – May 15, 2014
In Washington DC today the FCC will meet to consider a notice of proposed rule making that has the potential for creating fast lanes, slow lanes and no lanes for your Internet access at home. I have blogged a lot [...] Read more
Climate Change and Short Term Politics
Albert Wenger – May 13, 2014
Yesterday I wrote about the depressing lack of engineers and scientists in government. Part of my point was that more than ever we are facing problems caused by and solvable with science and engineering. A sampling of stories from yesterday [...] Read more
What is Progress?
Albert Wenger – May 9, 2014
When I first started talking to Dina who is helping me with research, I explained that I consider myself a technology optimist. By which I mean that I am optimistic that over time we the human species will figure out [...] Read more
Fight for the Internet Now!
Albert Wenger – May 7, 2014
The Internet is a most amazing thing that we are unfortunately taking for granted. At its core it is about connecting all of humanity with each other. With it we, the people, have the power to dramatically reduce the cost [...] Read more
Capital in the 21st Century by Thomas Piketty (Book Review)
Albert Wenger – May 5, 2014
In 1994 I was a student in Thomas Piketty’s first theory class at MIT. He was a young hotshot professor and I was a not so young student (in fact about 4 years older than Piketty). I still vividly remember [...] Read more