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 propose a formal description of individual preferences that captures a subsistence requirement in consumption in an otherwise standard constant-elasticity-of-substitution (CES) utility specification.
Abstract: We propose a formal description of individual preferences that captures a subsistence requirement in consumption in an otherwise standard constant-elasticity-ofsubstitution (CES) utility specification. We study how substitutability between the subsistence good and another good depends on the subsistence requirement and the level of consumption of the two goods. We find that the Hicksian elasticity of substitution is zero below the subsistence consumption level, and approaches the standard non-subsistence CES value as consumption of the subsistence good goes to infinity. Above the subsistence threshold, it strictly monotonically increases with income. Whether the two goods are market substitutes or complements depends on, besides the CES-substitutability parameter, the level of income and the subsistence requirement. Our result that with a subsistence requirement substitutability between different consumption goods is nonconstant but increases with individual income has important implications for growth, development and environmental policy.
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...…following Heal’s (2009) idea, a generalized modification of the Stone-Geary function (Geary 1950, Stone 1954)2 on the one hand, and the CES-function (Solow 1956, Arrow et al. 1961) on the 2The Stone-Geary function has originally been proposed by Klein and Rubin (1947/48) and Samuel- son (1947/48)....
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01 Nov 2017
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TL;DR: The role and limits that both government regulation and self-regulation play in protecting privacy are discussed, highlighting the growing fear that current federal and state laws in the United States are not adequate to protect the privacy of the data collected while the authors process electronic transactions or browse the internet for information.
Abstract: The increased use of the internet and information technology to enable online transactions, distribute information and customer reviews through ecommerce and social networking sites, online advertising, and data mining is both creating efficiencies and challenging our privacy. This paper highlights the growing fear that current federal and state laws in the United States are not adequate to protect the privacy of the data collected while we process electronic transactions or browse the internet for information. The notion of efficiency and cost-benefit are used to justify a certain level of privacy loss, thus treating privacy as a commodity to be transacted rather than a right to be defended. To address developing concerns about personal privacy invasions, we discuss the role and limits that both government regulation and self-regulation play in protecting our privacy.
11 citations
Cites background from "Capital-labor substitution and econ..."
...It describes the ability to produce an intended outcome with a minimum input (capital, labor, or other resources) [6]....
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TL;DR: In this paper, a rich literature estimating elasticities of substitution in a nested CES production framework has recently developed, and the authors warn researchers to use CES production functions with caution in empirical applications given their restrictive build-in assumptions.
11 citations
TL;DR: In this paper, the authors investigated the contributions of human capital and physical capital to economies at different stages by measuring the economic development with the traditional GDP and green GDP and found that the elasticities of output with respect to human capital were greater compared to physical capital, while green GDP was significantly more sensitive to changes in human capital than traditional GDP.
Abstract: This study investigated the contributions of human capital and physical capital to economies at different stages by measuring the economic development with the traditional GDP and green GDP. The traditional GDP stood for the quantity of economic growth, and the green GDP, taking both the energy consumption and environmental pollution into account, was employed to represent the sustainability of economic development. We used a panel data of 143 countries and regions during the period from 1990 to 2014, and results showed that the elasticities of output with respect to human capital were greater compared to physical capital, while green GDP was significantly more sensitive to changes in human capital than the traditional GDP. In particular, considering the unbalanced distribution of economic growth among countries and regions, we employed the quantile regression model to explore the heterogeneous roles of physical and human capital in different stages of economic development, which evidenced not only the significance but also the stability of human capital. As national economic levels grew, countries became less dependent on physical capital, yet human capital maintained its outstanding role at different stages of economic development, particularly for the building of more sustainable economies.
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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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903 citations