I estimate a nested CES production function for 9 European countries over 1996- 2020 using EU KLEMS data, distinguishing between information and communication technologies (ICT), intellectual property (IP) capital, and traditional capital. I assume that the aggregate output is produced using...

Imported capital goods, which embody skill-complementary technologies, can increase the supply of skills in developing countries. Focusing on China and using a shift-share design, we show that city-level capital goods import growth increases the local skill share and that both skill acquisition...

Imported capital goods, which embody skill-complementary technologies, can increase the supply of skills in developing countries. Focusing on China and using a shift-share design, we show that city-level capital goods import growth increases the local skill share and that both skill acquisition...

Capital in Banking traces the role of capital in US, British, and Swiss banking from the 19th to the 21st century. The book discusses the impact of perceptions and conventions on capital ratios in the 19th century, the effects of the First and Second World Wars, and the interaction of crises and...

Trotz der breit angelegten Digitalisierung sind die Produktivitätsfortschritte in Deutschland in den letzten Jahren erheblich niedriger als in den vorhergehenden Dekaden. Eine Wachstumszerlegung weist auf stark nachlassende Impulse des Technischen Fortschritts und vor allem der Kapitalbildung...

Seit geraumer Zeit lassen die Produktivitätszuwächse in den fortgeschrittenen Volkswirtschaften nach. Dies überrascht insofern, als große und breit angelegte technologische Impulse infolge der digitalen Revolution erwartet werden. Eine Analyse für Deutschland weist zunächst auf deutlich...

Die weltweit anstehende sozial-ökologische Transformation wird für die Industrienation Deutschland weitreichende Konsequenzen haben. Vertreter von Post Growth-Ansätzen empfehlen für die unmittelbare Zukunft einen Übergang zu Null-Wachstum. Wir analysieren drei verschiedene...

With capital‐skill complementarity, the secular decline in the price of capital equipment due to equipment‐specific technological progress (ESTP) keeps pushing up the demand for skilled relative to unskilled labor and raising the skill premium. This paper quantitatively characterizes the...

Trotz der breit angelegten Digitalisierung sind die Produktivitätsfortschritte in Deutschland in den letzten Jahren erheblich niedriger als in den vorhergehenden Dekaden. Eine Wachstumszerlegung weist auf stark nachlassende Impulse des Technischen Fortschritts und vor allem der Kapitalbildung...

Seit geraumer Zeit lassen die Produktivitätszuwächse in den fortgeschrittenen Volkswirtschaften nach. Dies überrascht insofern, als große und breit angelegte technologische Impulse infolge der digitalen Revolution erwartet werden. Eine Analyse für Deutschland weist zunächst auf deutlich...

Die weltweit anstehende sozial-ökologische Transformation wird für die Industrienation Deutschland weitreichende Konsequenzen haben. Vertreter von Post Growth-Ansätzen empfehlen für die unmittelbare Zukunft einen Übergang zu Null-Wachstum. Wir analysieren drei verschiedene...

The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that induces obsolescence of capital in place. Spikes occur...

According to the Oxford English Dictionary, the term capitalism refers to: “The possession of capital or wealth; an economic system in which private capital or wealth is used in the production or distribution of goods and prices are determined mainly in a free market; the dominance of private...

This work is an analysis of the Economocracy and Representative Economocracy. A reformed economic system is required for the transformation of global grown debt to sustainable levels. The challenge to avoid economic worldwide deadlock yields the emerging need for economocracy as a premium...

I estimate CES aggregate production functions for the US, the UK, Japan, Germany, and Spain using data from the EU KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual property (IP) capital, and traditional capital. I assume...

"The complex exposition of the concept of economic crisis in Capital and its preparatory manuscripts gave rise to different interpretations about the causes and modalities of crises themselves. Are their causes chronic under-consumption, inter-sectoral disproportionality or a fall in the profit...

When explaining the declining labor income share in advanced economies, the macro literature finds that the elasticity of substitution between capital and labor is greater than one. However, the vast majority of micro-level estimates shows that capital and labor are complements (elasticity less...

"In SLOW DOWN, Kohei Saito delivers a bold and urgent call for a return to Marxism in order to stop climate change. Here he argues that by returning to a system of social ownership, we can restore abundance and focus on those activities that are essential for human life, effectively reversing...

Die Heimat(en) des Marxismus: Rasse und Nation nach dem Kapital -- Das Kapital in Bangla: Postkoloniale Übersetzungen von Marx -- Karl Marx - Vom "modernen Rishi" zum "NayeYugKaVidhata" -- Vom "sprachlichen Kontext" zur "Sinifizierung": Marx, China und Übersetzung in der postkolonialen...

Drawing on the perspectives of both leading experts and early career academics from China, Senegal, Cuba, Brazil, France, Italy, Spain, and the UK, this 39th issue of Research in Political Economy integrates, articulates, and discusses the concepts of value, profit, money, and capital within a...

We study capital-skill complementarity in a multi-sector framework featuring firm-specific, multi-factor production functions and allowing for firm-specific factor-price wedges. We characterize the elasticity of the skill premium to the price of capital equipment in terms of firm-level...

Die Interpretation des Zinssatzes als Preis ist problematisch. Im Gegensatz zum Preis ist der Zinssatz kein Austauschverhältnis. Modelle, in denen der Zinssatz mit einem Preis für die Nutzung von Kapital identifiziert werden kann, sind sehr speziell. In allgemeineren Modellen sind Zinssatz und...

Die Interpretation des Zinssatzes als Preis ist problematisch. Im Gegensatz zum Preis ist der Zinssatz kein Austauschverhältnis. Modelle, in denen der Zinssatz mit einem Preis für die Nutzung von Kapital identifiziert werden kann, sind sehr speziell. In allgemeineren Modellen sind Zinssatz und...

This paper revisits capital-skill complementarity and inequality, as in Krusell, Ohanian, Rios-Rull and Violante (KORV, 2000). Using their methodology, we study how well the KORV model accounts for more recent data, including the large changes in labor's share of income that were not present in...

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners represent the top quintile of U.S. households while workers represent the remainder. Our tractable model allows us to exactly replicate the observed U.S. time paths of the top...

This paper discusses the occurrence of Skill-Enhancing Technology Import (SETI), namely the relationship between imports of embodied technology and widening skill-based employment differentials in a sample of low and middle income countries (LMICs). In doing so, this paper provides a direct...

This paper studies optimal taxation of entrepreneurial capital with private information and multiple assets. Entrepreneurial activity is subject to a dynamic moral hazard problem and entrepreneurs face idiosyncratic capital risk. We first characterize the optimal allocation subject to the...

We compare Laffer curves for labor and capital taxation for the US, the EU-14 and individual European countries, using a neoclassical growth model featuring "constant Frisch elasticity" (CFE) preferences. We provide new tax rate data. The US can increase tax revenues by 30% by raising labor...

Aggregate reallocation is procyclical. This empirical observation is puzzling given the documented fact that the benefits to reallocation are countercyclical. I show that this procyclicality is entirely driven by reallocation of bundled capital, which is highly correlated with market valuation...

The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are...

The elasticity of substitution between capital and labor features prominently in several areas of economic research. However, a consensus estimate remains elusive. We develop an estimation strategy that filters panel data in an original way and avoids several pitfalls - difficult-to-specify...

Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification - this is also the approach used by numerous studies analyzing the relative capital-skill...

This paper uses nonparametric kernel methods to construct observation-specific elasticities of substitution for a balanced panel of 73 developed and developing countries to examine the capital-skill complementarity hypothesis. The exercise shows some support for capital-skill complementarity,...