Uvox all fall down - VOX, CEPR’s Policy Portal | Research-based policy analysis.


Last week, after a leaked corporate document said that hackers had raided the Mt. Gox exchange, Karpeles confirmed that a huge portion of the money controlled by the company was gone. "We had weaknesses in our system, and our bitcoins vanished. We've caused trouble and inconvenience to many people, and I feel deeply sorry for what has happened," Karpeles said, speaking at a Tokyo press conference called to announce the company's bankruptcy. This would be the second time the exchange was hacked. In June 2011, attackers lifted the equivalent of $ million.

There have been dramatic estimates of how many occupations are at risk of being automated, given the type of work they usually conduct (. Frey and Osborne 2017). But until very recently, there has been little systematic analysis about the general equilibrium impact of robots and other new technologies. Acemoglu and Restrepo (2016, 2017) show that this equilibrium impact is, in fact, ambiguous theoretically. Robots directly substitute workers when holding output and prices constant, but the resulting cost reductions also increase product and labour demand. Moreover, workers can be soaked up by different industries, and specialise in new and complementary tasks.


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