DSOC 1101 Lecture Notes - Lecture 14: Subprime Mortgage Crisis, Deep Learning, Quantitative Easing

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Stiglitz"s cause & consequences of inequality and market distortions. Causes/effects of inequality: labor force: downward pressure on unskilled wages, upward pressure on skilled wages, where education proxies for skill, downward pressure + upward pressure (first two bullets) = polarization of labor force. Productivity increase did american workers in (p. 67-8: there are negative effects on productivity, stiglitz is saying productivity of labor is bad for labor, what is the future of skilled labor market, given machine learning, jeremy howard"s ted talk. Computers can learn too, or sometimes do things better than humans can. Deep learning: single algorithm that has no theoretical limitation on the data; this algorithm can do just about anything. Cause/effect: trade liberalization: us & european wages under pressure due to international trade/global finance. Example: steel workers in gary, indiana where labor demand reduced by 5/6, and wages halved.

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