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- Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…Follow-up questions. d. Let D be the difference in marginal product between an experienced worker and a new worker (MPe − MPn). Suppose that robust, experienced workers would prefer not to pool with sickly workers at their firm, and so they seek out a new job with an employer who does not offer health insurance. What will be the wage of the robust worker at the new job during the first year there? Keep in mind, these workers will no longer be experienced because they will be adapting to a new firm. Under what conditions will it make financial sense for the robust worker to change jobs? Your answer should be an inequality that includes D, θ, Vr, and Vs. e. D is a measure of job-specific human capital; as workers learn the job, they become more productive so D > 0. However, not every job or industry has the same value for D. In some lines of work D is low, while in others D is high, simply because of the nature of the work. Given the results, you have seen in this problem, in which…6. A company uses two inputs, unskilled labour (L) and capital (K), to produce itsproduct. The wage rate for a unit of labour is €5, while a unit of capital cost €20.a) Determine the equation and plot the isocost line for the company's expenditures on itsinputs of €1,000. Label the intercepts of the isocost with both axes. Draw a typical isoquantfor an output level Q0 and indicate the optimal input levels of L and K. (Do not forget tolabel the axes).b) Suppose the government introduces a minimum wage for unskilled labour of €6 per unit.Show graphically and explain shortly how much it would cost the firm in the short run,with capital input fixed at K, to keep its output constant at Q0.c) Show graphically and comment shortly on the optimal factor mix that the firm would useto produce Q0 in the long run at the specified minimum wage of €6 per unit
- hy does a measure of labor productivity—the output produced per worker– rise for many firms during recessions? During the boom years period of 2005through November 2007, the annual average output per worker was lower in U.S.manufacturing than during the Great Recession of 2007–2009 as well during therelatively low-demand years since then through 2013.Firms produce less output during recessions as demand for their products falls.Consequently, firms typically lay off workers during recessions. Thus, whetheroutput per worker rises or falls depends on whether output or employment fallsby more. The labor productivity pattern over the business cycle differs across in-dustries. If we know about a firm’s production process, can we predict whetheroutput produced per worker will rise or fall with each additional layoff?The profit function is the same as in Question 40 and 41. Profit =200L+100K-10L^2-20K^2+20KL. After determining the profit-maximizing level of Labor (L) 25 and Capital (K) 15 how much are the profits of the firm at the profit-maximizing levels of L and K? Its not 46!.(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.
- provide an isoquant/isocost analysis diagram explaining the possible impact of the higher wages onthe output level, total cost of production and input-factor mix of this business in boththe short and long-run estimated that the wage elasticity of labour demand is -1.7Suppose that government wishes to promote more capital intensive agriculture and subsidises agricultural capital equipment in order to achieve this. a) Using an isoquant map of the tradeoff between capital and labour, show how the reduced cost of capital will affect the individual farmer’s decision problem. b) Using a production function approach with labour as the variable input, show how the reduced cost of capital will affect the individual farmer’s decision problem. c) What overall effect on agricultural employment would you expect, given your answers in (a) and (b)?True or false The law of diminishing returns implies that the marginal product of labor (MPL) is increasing as labor input increases.
- Q40 If one worker in southern Ontario worker can pick $30 worth of tomatoes two workers together can pick $70 worth of tomatoes, the Multiple Choice data given are insufficient to determine the marginal revenue product of either worker. data given suggests diminishing returns. marginal revenue product of the first worker is $40. marginal revenue product of each worker is $35. marginal revenue product of the second worker is $40.Q.1.20 An upward-sloping labour supply curve illustrates that ceteris paribus; (a) the quantity of labour supplied and the hours of work per week aredirectly related.(b) the quantity of labour supplied and the price of labour used to produceoutput are inversely related.(c) individuals use higher income to buy back leisure time.(d) a greater quantity of labour would be supplied at higher wage rates .Q.1.17 Marginal cost is defined by: (a) total cost increases when one more unit is produced.(b) fixed cost increases when one more unit is produced.(c) Total revenue increases when one more unit is produced.(d) average cost increases when one more unit is produced.Suppose Carl’s wage-schooling locus is given by Years of Schooling Earnings 10 $30,000 11 $35,000 12 $40,000 13 $45,000 14 $50,000 15 $55,000 16 $60,000 17 $65,000 Derive the marginal rate of return schedule. When will Carl quit school if his discount rate is 14 percent? What if the discount rate is 9 percent?
