Technology
AI Monopolists Could Be a Disaster for Workers
If artificial intelligence reshapes production across the entire economy, it could drive the cost of goods toward zero. But Yale SOM economist Fiona Scott Morton argues that if AI is captured by a small number of powerful firms, falling wages could coincide with persistently high prices, leaving workers far worse off.
How should you sell a public good?
The airwaves are a precious commodity. More than 200 million cell phone subscribers in the U.S. alone chat and bat text messages across the wireless spectrum. When Reed Hundt was chairman of the FCC, he implemented the first auctions of this resource, opening the way for industry development and raising revenue for the government. Hundt recently talked with Professor Barry Nalebuff, describing what he learned about auction markets and how he might use an auction to save the environment. Of course, they spoke via cell phone.