The classic model that shows why AI exposure could increase wages

from Justified Posteriors · host Andrey Fradkin and Seth Benzell

Get full access to Justified Posteriors at empiricrafting.substack.com/subscribeThis week, instead of reviewing a recent paper on AI, we go back to a 1993 classic: Michael Kremer’s “The O-Ring Theory of Economic Development.” It’s one of those papers that feels larger than its formal model. The setup is extremely simple: production consists of many tasks, and output depends on all of them going right. But the implications are broad…

Episode metadata supplied by the publisher feed · Published Apr 20, 2026

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The classic model that shows why AI exposure could increase wages

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