"We argue that market power by some corporations and in some sectors – including temporary market power emerging in the aftermath of the pandemic – amplified inflation. It made price increases peak higher and remain more persistent than they would have been in a world with less market power. To be clear: corporate profits were thus not the sole driver of inflation, nor are dominant corporations to blame for the energy shock
caused by Russia’s invasion of Ukraine. But we argue that their market power exacerbated the fallout – and that this is not sufficiently captured in the prevailing macroeconomic debate or in workhorse models."
"We argue that market power by some corporations and in some sectors – including temporary market power emerging in the aftermath of the pandemic – amplified inflation. It made price increases peak higher and remain more persistent than they would have been in a world with less market power. To be clear: corporate profits were thus not the sole driver of inflation, nor are dominant corporations to blame for the energy shock
caused by Russia’s invasion of Ukraine. But we argue that their market power exacerbated the fallout – and that this is not sufficiently captured in the prevailing macroeconomic
debate or in workhorse models."
📘 Massimo Asta and Pedro Ramos Pinto edited the book "The Value of Work since the 18th Century. Custom, Conflict, Measurement and Theory".
With examples ranging across several centuries and different parts of the globe, it shows how wages are influenced by the specific organization and processes of work, conflict and power, social status and hierarchies between workers, etc.
📌 Industrial robots today are programmed to perform specific and repetitive tasks, which limits their versatility; to make them perform different actions, they need to be reprogrammed by a person.
🤔 What will happen to #businesses that cannot keep up with this #technology if it gains traction? On what other aspects can those businesses focus their competitive advantage, and how should we reimagine the very idea of competitive advantage in a world where industrial #robots can learn and work autonomously? What kind of technological and #social divide might arise from these innovations?
It gathers a lot of data and interesting observations. Here are the ones that struck me the most:
📌 Generative #artificialintelligence excels in tasks that require natural language processing and content creation, outperforming humans in terms of speed and cost-effectiveness.
📌 Generative AI's efficiency impacts high-value tasks in white-collar roles, potentially offering comparable performance to humans at a fraction of the cost.
📌 Generative AI has led to unexpected user behaviors, including AI as software partners, educators, companions, and even sources of therapy, indicating significant #market opportunities.
📌 Many generative AI companies achieve rapid #revenue scale, often reaching $10-million-plus run-rate revenue faster, indicating quick product-market fit.