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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Dissertation•
01 Jan 2014
TL;DR: In this paper, the authors argue that the strategy of a farsighted government is to sacrifice the first several generations but benefit all future generations through cutting nonproductive public spending and giving expenditure priority to productivity-enhancing expenditure, so that a higher growth rate leads to a quasi-Pareto improvement among generations.
Abstract: This thesis responds to the development policy debate on whether the popular Beijing Consensus is an alternative, especially for developing countries, to the Washington Consensus of market-friendly policies. The advocates of the Beijing Consensus have overlooked the facts that China’s development model has much in common with the Washington Consensus, China has profited from the globalisation, and the reform for establishing a market-oriented economy is the key factor of the rapid development and outstanding achievements in China. The critics have reluctantly acknowledged the successful strategies employed by the policy makers in Beijing, however, they branded China as an authoritarian country, and are wilfully or unintentionally blind to the diversity, inclusiveness and competitiveness in the ‘quasi-nonpartisan’ Chinese political system. This thesis explain how a farsighted government can increase long-run growth by fiscal policies, why free market and the ambitious government are not contradictory in China, and why so many ‘democratic’ countries violate the first two prescriptions of the Washington Consensus: fiscal discipline, and public expenditure priority to pro-growth investment. The theoretical analyses show that the strategy of a farsighted government is to sacrifice the first several generations but benefit all future generations through cutting nonproductive public spending and giving expenditure priority to productivity-enhancing expenditure, so that a higher growth rate leads to a ‘quasi-Pareto improvement’ among generations. Nevertheless, farsighted fiscal policy together with ‘hedonistic citizens’ has a side effect, the welfare loss for both the government and the citizens. The Barro model is an exception in which a farsighted government has no place to increase the growth rate because welfare maximisation equals growth maximisation. The empirical results reveal the strong substitution relationship between the government and nongovernment capital, and thus the general CES technology rather than the Cobb-Douglas technology is the suitable structure containing the two types of capital in the production function. However, the government capital has become more complementary to the nongovernment capital due to the deepening reforms of SOEs and fiscal policies since 1992.
2 citations
Posted Content•
TL;DR: In this article, the authors take a consumer demand perspective to the problem of adjusting product prices for quality change, and various approaches to the quality adjustment can be seen as special cases of the general framework, such as inflation adjusted carry forward and carry backward prices, hedonic regressions and the estimation of Hicksian reservation prices.
Abstract: The paper takes a consumer demand perspective to the problem of adjusting product prices for quality change. The various approaches to the problem of quality adjustment can be seen as special cases of the general framework. The special cases include the use of inflation adjusted carry forward and carry backward prices, the use of hedonic regressions and the estimation of Hicksian reservation prices.
2 citations
TL;DR: In this article , a principal-agent model is proposed to study the value of self-service technologies in designing a service delivery system wherein the sales agent's service cost is private information.
Abstract: Self-service technologies (SSTs) have been widely adopted in industries that require the delivery of physical products by services, in which consumers evaluate a product for both the product value and the service value. A typical service delivery system usually involves sales agents and/or self-service technologies, for example, online services and kiosks, to serve consumers by a coproduction process. In other words, both the sales agent (or self-service machine) and the consumer should exert effort, with corresponding service costs. By modeling the coproduction output with a Cobb–Douglas production function, we establish a principal–agent model to study the value of self-service technologies in designing a service delivery system wherein the sales agent's service cost is private information. We first characterize the main trade-off between the sales agent and the self-service machine when the firm provides only one service channel. Then, we analyze the value of the self-service machine when the firm can provide both service channels. We find that, interestingly, the firm may possibly provide both service channels, that is, services offered by the sales agent and the self-service machine, when the level of information uncertainty is high, and the self-service machine's service cost is intermediate. Moreover, when both service channels are offered, only the efficient sales agent will be contracted, and the inefficient sales agents are screened out of the market by the self-service machine; that is, the self-service machine can help the firm eliminate the information rent. We also investigate how the firm's service weight in the coproduction process and information uncertainty influence the consumer surplus, firm's choices, contract parameters, and resulting profits. Our results are shown to be robust when our model is extended to consider a single-contract strategy, contracting on effort, a continuous sales agent type, and a general coproduction function.
2 citations
TL;DR: In this paper, the uniqueness problem for the generalized Radon transform arising in a mathematical model of production was considered and the uniqueness theorems for this transform and for the profit function in the corresponding model were proved.
Abstract: In the present article we consider the uniqueness problem for the generalized Radon transform arising in a mathematical model of production. We prove uniqueness theorems for this transform and for the profit function in the corresponding model of production. Our approach is based on the multidimensional Wiener's approximation theorems.
2 citations
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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.
10,850 citations
3,961 citations
Book•
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