AI is a substitute for physical capital for many industries, for example, in the tech industry. Suppose you are Elon Musk and you have to decide how many economists and computer science engineers to hire next year. Suppose your budget for research is 20% of your total expenditure and you spend it either on your workers' wages or AI software

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To make an informed decision on how many economists and computer science engineers to hire next year Elon Musk needs to consider several factors inclu... View the full answer