Capital-labor substitution and economic efficiency
TL;DR: In this article, the authors proposed a method to improve the quality of the service provided by the service provider by using the information of the user's interaction with the provider and the provider.
Abstract: Обсуждаются следующие темы: чистая теория производства, функциональное распределение дохода, технический прогресс, источники международных конкурентных преимуществ. Анализируются эластичность замещения между трудом и капиталом в обрабатывающей промышленности; производственные функции различного типа.
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TL;DR: In this paper, the authors analyzed the effect of regulatory stringency on large U.S. commercial banks and found that banks located in the midwestern states are more adversely affected by regulation, however, to have a technology which enables them to be more resilient to regulatory induced distortions.
Abstract: Regional differences in production technologies and the effect of regulatory stringency — which differs across states — are analyzed for a sample of large U.S. commercial banks. Differences in both dimensions of production are found. Banks located in the midwestern states are found to be more adversely affected by regulation, however, to have a technology which enables them to be more resilient to regulatory induced distortions, i.e., they would produce more efficiently under comparable regulatory conditions. The policy implications of the results are discussed.
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TL;DR: The major purpose of as discussed by the authors is to measure factor-saving biases in technical change within the American and British textile sectors during the nineteenth century, and this empirical attempt will be made within the context of the historical debate concerning the causes for the superiority of American industrial efficiency as compared with the British.
Abstract: The major purpose of this article is to measure factor-saving biases in technical change within the American and British textile sectors during the nineteenth century. This empirical attempt will be made within the context of the historical debate concerning the causes for the superiority of American industrial efficiency as compared with the British.
18 citations
TL;DR: In this article, a model that combines non-separabilities in preferences with a technology that restricts the degree of substitutability between inputs outperforms the widely used AK and Cobb-Douglas specifications with time-separable preferences.
18 citations
Cites result from "Capital-labor substitution and econ..."
...13The initial attempts to estimate the elasticity of substitution provided estimates well below unity in time series studies (Arrow et al. (1961), David and Van de Klundert (1965)) while cross sectional estimates where close to 1 (Arrow et al (1961))....
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TL;DR: This article established a macro-dynamic model where the q-theory of investment is combined with sluggish real-wage adjustment in the labour market, which leads to damped internal oscillations and hump-shaped impulse response functions.
17 citations
Cites background or methods from "Capital-labor substitution and econ..."
...The original Arrow et al. (1961) form, (5.4), appears to have only three parameters, while (10.8) has four....
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...Above we have expressed the CES function in the conventional way introduced by Arrow et al. (1961)....
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TL;DR: A general theoretical model where society is split into subgroups and people care more about the welfare of others in their own subgroup than they do about those in out-groups is presented and to what extent prosociality closes the welfare gap between the Nash equilibrium without Prosociality and the social optimum is asked.
Abstract: The presence of prosocial preferences is thought to reduce significantly the difficulty of solving societal collective action problems such as providing public goods (or reducing public bads). However, prosociality is often limited to members of an in-group. We present a general theoretical model where society is split into subgroups and people care more about the welfare of others in their own subgroup than they do about those in out-groups. Individual contributions to the public good spill over and benefit members in each group to different degrees. We then consider special cases of our general model under which we can examine the consequences of localized prosociality for the economic outcomes of society as a whole. We ask to what extent prosociality closes the welfare gap between the Nash equilibrium without prosociality and the social optimum. The answer depends on whether private and public inputs are good or poor substitutes in producing final output. Critically, the degree to which this welfare gap closes is a concave function of the level of prosociality in the case of poor substitutes, so even low levels of prosociality can lead to social welfare near the social optimum.
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TL;DR: In this article, the authors proposed a method to improve the performance of the system by using the information of the user's interaction with the system and the system itself, including the interaction between the two parties.
Abstract: В статье производится анализ агрегированной производственной функции, вводится аппарат, позволяющий различать движение вдоль такой функции от ее сдвигов. На основании сделанных в статье предположений делаются выводы о характере технического прогресса и технологических изменений. Существенное внимание уделяется вариантам применения концепции агрегированной производственной функции.
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01 Jan 1956TL;DR: In this paper, a very brief treatment of three questions relating to the history of our economic growth since the Civil War is given, namely: (1) How large has been the net increase of aggregate output per capita, and to what extent has this increase been obtained as a result of greater labor or capital input on the one hand and of a rise in productivity on the other? (2) Is there evidence of retardation, or conceivably acceleration, in the growth of per capita output? (3) Have there been fluctuations in the rate of growth of output, apart
Abstract: Introduction This paper is a very brief treatment of three questions relating to the history of our economic growth since the Civil War: (1) How large has been the net increase of aggregate output per capita, and to what extent has this increase been obtained as a result of greater labor or capital input on the one hand and of a rise in productivity on the other? (2) Is there evidence of retardation, or conceivably acceleration, in the growth of per capita output? (3) Have there been fluctuations in the rate of growth of output, apart from the shortterm fluctuations of business cycles, and, if so, what is the significance of these swings? The answers to these three questions, to the extent that they can be given, represent, of course, only a tiny fraction of the historical experience relevant to the problems of growth. Even so, anyone acquainted with their complexity will realize that no one of them, much less all three, can be treated satisfactorily in a short space. I shall have to pronounce upon them somewhat arbitrarily. My ability to deal with them at all is a reflection of one of the more important, though one of the less obvious, of the many aspects of our growing wealth, namely, the accumulation of historical statistics in this country during the last generation. For the most part, the figures which I present or which underlie my qualitative statements are taken directly from tables of estimates of national product, labor force, productivity, and the like compiled by others.
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