Falling Costs: Two Non-Technical Papers

This is just a pointer to two new (non-technical) papers of mine that look at the implications of various falling costs associated with new technologies.

The first is a much longer version of the blog post earlier this week on the simple economics of artificial intelligence. “Managing the Machines” co-authored with Ajay Agrawal and Avi Goldfarb looks at how new developments in machine intelligence is lowering the cost of prediction and, as a consequence, placing new emphasis on the role for human judgment.

The second is a paper co-authored with Christian Catalini on “Some Simple Economics of the Blockchain.” There, we look at how the blockchain may lead to a dramatic reduction in the cost of verification and how this may stimulate new economic activity.

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