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NBER Working Papers · November 3, 2026 · On the brief until November 17, 2026

Saving for the Machines -- by Jesús Fernández-Villaverde

Economics
THE AI ANGLE
performing a growing share of tasks

A study models how capital accumulation drives economic growth when machines automate tasks. Optimal household saving produces 11.7 percent annual growth, while a fixed saving rate produces 2.2 percent. These findings show economists that capital supply and household consumption losses govern automation outcomes.

Summary written by AI Business Lens with an AI model from the article at nber.org. It is not the article, and the publisher has not reviewed it. For publishers.

THE TEACHING ANGLE
Instructors can examine whether slow growth reflects weak capital accumulation and evaluate the cost of protecting hand-to-mouth households from large consumption drops.

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