Rise of the Robots: Technology and the Threat of a Jobless Future

by Martin Ford

The authors also noted that a stable labor share of income continues to be “a fundamental feature of macro-economic models.”24 In other words, just as economists do not seem to have fully assimilated the implications of the circa-1973 divergence of productivity and wage growth, they are apparently still quite happy to build Bowley’s Law into the equations they use to model the economy.