scispace - formally typeset
Search or ask a question
Journal ArticleDOI

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.
Citations
More filters
Posted ContentDOI
TL;DR: In this paper, the authors demonstrate that these trends can be explained by changes in demographic structure associated with the introduction of the pill in the early 1970s, and find that an increase in house prices over the past decades was likely an efficient outcome that aided efficiency in the transition towards the new balanced growth path.
Abstract: The past 30 years has witnessed a worldwide decrease in real interest rates. Simultaneously over this period house prices have grown in real terms. We demonstrate that these trends can be explained by changes in demographic structure associated with the introduction of the pill in the early 1970s. Following this, most of the western world, Japan and China saw similar reductions in fertility rates, though timing and magnitude differ among countries. In the long-run this leads to lower population growth. In the short-run the cohort born just before the introduction of the pill are disproportionally larger than cohorts born before and after. As this large cohort accumulates assets for retirement, aggregate savings supply increases which results in falling real interest rates and rising house prices. We find that an increase in house prices over the past decades was likely an efficient outcome that aided efficiency in the transition towards the new balanced growth path. However, housing's appreciation is a feature that can't be easily explained in a rational framework. Our model predicts that real interest rates will continue to fall, overshooting the new balanced growth path level until hitting a trough at around the year 2035.

3 citations

Posted Content
TL;DR: In this article, the authors investigated whether the long-run relationship implied by profit maximization is valid for the Turkish manufacturing industry for the period of 1950-2001 and showed that rationalization mechanism does not appear to work in Turkey.
Abstract: The purpose of this research is to investigate whether the long-run relationship implied by profit maximization is valid for the Turkish manufacturing industry for the period of 19502001. During this period, the Turkish economy has experienced important policy changes, for example the implementation of liberalization policies after the 1980s. Thus, the possible effects of economic policy implementations over the profit maximization in the Turkish manufacturing sector will also be studied by using advanced time series techniques such as the Zivot and Andrews (1992) unit root test and the Gregory and Hansen (1996) co-integration test. The results of the study show that rationalization mechanism does not appear to work in Turkey. Because most of the previous studies on this issue are concentrated in developed countries and also, there has been little research into the Turkish manufacturing sector, the contribution of this study is important.

3 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examined the impact of economic integration on labour income share both at the aggregate as well as at the disaggregate industry levels of Indian economy using the ARDL approach for the aggregate level analysis and the panel GMM method for the disaggregation level analysis The results from both the analysis confirm that global economic integration and technological progress affect the labor income share in India.
Abstract: This paper examines the impact of economic integration on labour income share both at the aggregate as well as at the disaggregate industry levels of Indian economy The paper uses the ARDL approach for the aggregate level analysis and the panel GMM method for the disaggregate level analysis The results from both the analysis confirm that global economic integration and technological progress affect the labour income share in India It also brings out the evidence that a stronger degree of economic integration is associated with the declining labour income share which is accompanied by rising labour productivity, employment, wage rates, and capital income That means there is a positive correlation of economic integration with the wage rate, employment, capital earnings and labour productivity However, it also makes an important observation that the labour share is adversely affected, as the wage rate growth lags the labour productivity growth and the compositional shift takes place due to the rising capital income The increases in employment and wage rate are not enough to offset the adverse effects on the labour share in India

3 citations

Book ChapterDOI
01 Jan 1989
TL;DR: Investment is at the very heart of economic growth as mentioned in this paper, and fluctuations in investment are a dominant source of fluctuations in growth, and this, probably more than any other factor, determines the trends of growth in economic activity and employment.
Abstract: Investment is at the very heart of economic growth. In the short run, fluctuations in investment are a dominant source of fluctuations in growth. In the longer run, investment determines the capital stock and this, probably more than any other factor, determines the trends of growth in economic activity and employment.

3 citations

References
More filters
Journal ArticleDOI
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.

10,850 citations

Journal ArticleDOI

3,961 citations

Book
01 Jan 1956
TL;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

Book
01 Jan 1938

926 citations