Good sentences about automation and jobless recoveries

The model also predicts that recessions accelerate the decline in routine occupations—firms prefer to destroy routine jobs during a downturn, when the opportunity cost of restructuring is low. This acceleration can account for recent cyclical changes of the labor market: routine job losses are concentrated in recessions and the ensuing recoveries are jobless.

That is from Miguel Morin, a recent Columbia Ph.d.  The entire paper is of interest.  And here is a relevant blog post by Scott Sumner on “near recessions.”


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