Leading AI firms claim to prioritize social welfare. How should firms with a social mandate price and deploy AI? We derive pricing formulas that depart from profit maximization by incorporating incentives to enhance welfare and reduce labor …
This paper examines how firms’ monopsony power—their ability to depress wages by restricting employment—in the market for inventors affects U.S. innovation and economic growth. Using an instrumental variable strategy, I estimate firm-level inventor …
This paper provides evidence that rising misallocation in the R&D sector contributed to the recent slowdown in U.S. productivity growth. I develop a growth accounting framework allowing for misallocation of R&D resources across firms captured by …
This paper studies how gradualism affects the welfare gains from trade, technology, and reforms.When workers face adjustment frictions, gradual shocks create less adverse distributional effects in the short run. We show that there are welfare gains …
This paper provides evidence that rapid workforce aging has contributed to slow productivity growth in the US over the last two decades, through its impact on innovation. I document that workforce aging in local labor markets leads to a reduction in …