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Automation and Welfare: The Role of Bequests and Education

Author

Listed:
  • Mr. Manuk Ghazanchyan
  • Mr. Alexei Goumilevski
  • Mr. Alex Mourmouras

Abstract

This paper examines the welfare effects of automation in neoclassical growth models with and without intergenerational transfers. In a standard overlapping generations model without such transfers, improvements in automation technologies that would lower welfare can be mitigated by shifts in labor supply related to demographics or pandemics. With perfect intergenerational transfers based on altruism, automation could raise the well-being of all generations. With imperfect altruism, fiscal transfers (universal basic income) and public policies to expand access to education opportunities can alleviate much of the negative effect of automation.

Suggested Citation

  • Mr. Manuk Ghazanchyan & Mr. Alexei Goumilevski & Mr. Alex Mourmouras, 2024. "Automation and Welfare: The Role of Bequests and Education," IMF Working Papers 2024/011, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/011
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