Symbol Δ

The passage around this formula

where each task y(s) can be performed by labor or by an automated system if that task falls within the feasible automated set $\mathcal{A}$ . Under Hulten’s theorem, the first-order aggregate TFP cost savings from automating a subset of tasks is bounded by the expenditure share of the automated tasks multiplied by the average unit cost reduction: $\Delta \ln \text{TFP} \approx \sum_{s \in \mathcal{A}} \alpha_s \cdot \pi_s$. where $\alpha_s$ is the baseline economic share of task s and $\pi_s$ = $\frac{c_L(s) - c_A(s)}{c_L(s)}$ represents the proportional cost reduction achieved on that task [ 2 ] .

Read this part in the article →