Related papers: Revisiting the capitalist road to communism: uncon…
This paper develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand-aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds…
Our computational economic analysis investigates the relationship between inequality, mobility and the financial accumulation process. Extending the baseline model by Levy et al., we characterise the economic process through stylised return…
Automation and industrial mass production, particularly in sectors with low wages, have harmful consequences that contribute to widening wealth disparities, excessive pollution, and worsened working conditions. Coupled with a mass…
This paper presents a dynamic model to study the impact on the economic outcomes in different societies during the Malthusian Era of individualism (time spent working alone) and collectivism (complementary time spent working with others).…
We derive the first closed-form condition under which artificial intelligence (AI) capital profits could sustainably finance a universal basic income (UBI) without relying on new taxation or the creation of new jobs. In a Solow-Zeira…
This paper develops a critical theory of artificial intelligence, within a historical constellation where computational systems increasingly generate cultural content that destabilises traditional distinctions between human and machine…
Universal basic income (UBI) is a tax scheme that uniformly redistributes aggregate income amongst the entire population of an economy. We prove the existence of an equilibrium in a model that implements universal basic income. The economic…
We consider the relationship between economic activity and intervention, including monetary and fiscal policy, using a universal dynamic framework. Central bank policies are designed for growth without excess inflation. However,…
Despite all our great advances in science, technology and financial innovations, many societies today are struggling with a financial, economic and public spending crisis, over-regulation, and mass unemployment, as well as lack of…
Income inequality is known to have negative impacts on an economic system, thus has been debated for a hundred years past or more. Numerous ideas have been proposed to quantify income inequality, and the Gini coefficient is a prevalent…
The promise of equal opportunity is a cornerstone of modern societies, yet upward economic mobility remains out of reach for many. Using a decade of population-scale social network data from the Netherlands, covering over a billion family,…
A model of distribution of the wealth in a society based on the properties of complex networks has been proposed. The wealth is interpreted as a consequence of communication possibilities and proportional to the number of connections…
In this book, we outline a model of a non-capitalist market economy based on not-for-profit forms of business. This work presents both a critique of the current economic system and a vision of a more socially, economically, and ecologically…
We propose a stylized model of a complex economy to explore the economic tradeoffs imposed by the so called "green transition" -- the shift towards more sustainable production paradigms -- using tools from the Statistical Mechanics of…
We use a simple combinatorial model of technological change to explain the Industrial Revolution. The Industrial Revolution was a sudden large improvement in technology, which resulted in significant increases in human wealth and life…
Socio-economic inequalities derived from an exhaustive wealth distribution is studied in a closed geographical region from Transylvania (Romania). Exhaustive wealth data is computed from the agricultural records of the Sancraiu commune for…
Automation raises productivity and reduces paid human labor, but it also reallocates income and ownership claims. This paper studies that tradeoff in a static benchmark and in a stationary heterogeneous-agent general equilibrium. Firms…
The momentum of human spaceflight initiatives continues to build toward Mars, and technological advances may eventually enable the potential for permanent space settlement. Aspirations for sustaining human life in space must be predicated…
The following measures against unemployment are proposed: In the short term, to promote greater income for the poorest sectors. It is shown that this can be paid with the resulting increased production, without losing income to the other…
The era of technological change entails complex patterns of changes in wages and employment. We develop a unified framework to evaluate the effects of capital-embodied technological change on, as well as the contributions of factor inputs…