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Elasticity of Substitution between Capital and Labor and its Applications to Growth and Development

Pessoa, Samuel D.; Matos-Pessoa, Silvia; Rob, Rafael - 2005

This paper estimates the elasticity of substitution of an aggregate production function. The estimating equation is derived from the steady state of a neoclassical growth model. The data comes from the PWT in which different countries face different relative prices of the investment good and...

Persistent link: https://www.econbiz.de/10014066470

Technology, Inequality and Work-Sharing

Moutos, Thomas - 2005

The effects of technological change on wage inequality are usually studied under the assumption of exogenous supplies of skilled and unskilled workers. Moreover, in these studies there is no distinction between the stock (number of workers) and the flow (hours of work) dimension of labour...

Persistent link: https://www.econbiz.de/10014068234

Theories

Giovannoni, Olivier - 2014

This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income - the division of aggregate income by factor share. This first installment surveys some landmark theories of income distribution. Some provide a technology-based account of the...

Persistent link: https://www.econbiz.de/10010356673

Distribution and growth in an economy with limited needs

Saint-Paul, Gilles - 2001

This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

Persistent link: https://www.econbiz.de/10011401020

Distribution and growth in an economy with limited needs

Saint-Paul, Gilles - 2001

Persistent link: https://www.econbiz.de/10001595502

Factor income distribution and endogenous economic growth : when Piketty meets Romer

Irmen, Andreas; Tabaković, Amer - 2016

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

Persistent link: https://www.econbiz.de/10011568791

Wealth inequality, uninsurable entrepreneurial risk and firms markup

Brien, Samuel - 2021

This paper examines the effect of wealth concentration on firms' market power when firm entry is driven by entrepreneurs facing uninsurable idiosyncratic risks. Under greater wealth concentration, households in the lower end of the wealth distribution are more risk averse and less willing (or...

Persistent link: https://www.econbiz.de/10012670916

Economic growth and convergence during the transition to production using automation capital

Dujava, Daniel; Lábaj, Martin - 2019

This paper examines the implications of automation capital in a Solow growth model with two types of labour. We study the transition from standard production to production using automation capital which substitutes low-skilled workers. We assume that despite advances in technology, AI and...

Persistent link: https://www.econbiz.de/10012125628

Artificial intelligence, income distribution and economic growth

Gries, Thomas; Naudé, Wim - 2020

The economic impact of Articial Intelligence (AI) is studied using a (semi) endogenous growth model with two novel features. First, the task approach from labor economics is reformulated and integrated into a growth model. Second, the standard representative household assumption is rejected, so...

Persistent link: https://www.econbiz.de/10012266990

The race of man and machine: implications of technology when abilities and demand constraints matter

Gries, Thomas; Naudé, Wim - 2021

In "The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment," Acemoglu and Restrepo (2018b) combine the task-based model of the labor market with an endogenous growth model to model the economic consequences of artificial intelligence (AI). This...

Persistent link: https://www.econbiz.de/10012517812