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 investigated alternative CES and VES specifications for the production of building services with land and nonland inputs and found that the evidence presented here is consistent with a wide range of functional forms; the Cobb-Douglas form cannot be rejected but neither is it strongly supported.
10 citations
TL;DR: In this article , the authors developed a multisector dynamic general equilibrium model to analyze the impact of sectoral heterogeneity on industrial structure transformation and labor income share. But the authors focused on the U-shaped trend of China's overall total labor income and also helped to understand the structural transformation of the Chinese economy.
10 citations
TL;DR: In this paper, the validity of the constant elasticity of substitution (CES) and the Cobb-Douglas (CD) production functions in modelling the aggregate production function and computing the total factor productivity (TFP) in South Africa for the period 1970-2006 was assessed.
Abstract: This paper assesses the validity of the constant elasticity of substitution (CES) and the Cobb-Douglas (CD) production functions in modelling the aggregate production function and computing the total factor productivity (TFP) in South Africa for the period 1970-2006. The CES function is estimated with Nerlove's two-step procedure using the autoregressive distributed lag (ARDL) cointegration and the Kalman filter estimation techniques, while the CD production function is estimated using the Kalman filter technique. The results of the forecast performance of the two model specifications show that the CD specification outperforms the CES for the period 1970-2006, although the CD specification may be too restrictive.
10 citations
TL;DR: In this paper, the authors employ a constant-elasticity of substitution (CES) index formula to improve the accuracy of the preliminary values of the C-CPI-U.
Abstract: This paper employs a constant-elasticity of substitution (CES) index formula to improve the accuracy of the preliminary values of the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). Using the CES behavioural model, I present estimates of the overall extent of consumer response to relative price changes exhibited in Consumer Expenditure Survey data for 1999-2008. The associated parameter estimates are then used to develop CES forecasts of the final C-CPI-U index values. Simulations demonstrate that use of the CES approach over the last several years would have resulted in smaller index revisions between the preliminary and final C-CPI-U releases. Looking to the future, CES-based preliminary estimates could increase the usefulness of the C-CPI-U to government programs and other users.
10 citations
Additional excerpts
...[2] and adapted to the price index context by Lloyd [21] and Moulton [22]....
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TL;DR: In this paper, the authors address the shift from bundling to unbundling of U.S. advertising agency services and the slow pace of change over several decades by modeling an advertising agency's decision as a tradeoff between the fixed cost to the advertiser of establishing a relationship with an agency and pecuniary economies of scale from media services provision.
Abstract: We address a puzzle surrounding the shift from bundling to unbundling of U.S. advertising agency services and the slow pace of change over several decades. We model an agency’s decision as a tradeoff between the fixed cost to the advertiser of establishing a relationship with an agency and pecuniary economies of scale from media services provision. Using micro-data from the U.S. Census of Services for 1982-2007, we find agencies are more likely to unbundle with increasing size, diversification and higher media prices, and less likely with increasing age, larger media volume, and an interaction between media prices and volume.
10 citations
Cites background from "Capital-labor substitution and econ..."
...13 Arrow et al. (1961) showed that the elasticity of factor substitution between labor and capital for all manufacturing industries are less than or equal to 1....
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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.
1,031 citations
903 citations