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 article, the authors design an iterative algorithm for computing linear bijective market equilibrium, based on solving the rational convex program formulated by Devanur et al. The algorithm repeatedly alternates between a step of gradient-descent-like updates and a distributed step of optimization exploiting the property of such convex programs.
Abstract: Motivated by the convergence result of mirror-descent algorithms to market equilibria in linear Fisher markets, it is natural for one to consider designing dynamics (specifically, iterative algorithms) for agents to arrive at linear Arrow-Debreu market equilibria. Jain reduced equilibrium computation in linear Arrow-Debreu markets to the equilibrium computation in bijective markets, where everyone is a seller of only one good and a buyer for a bundle of goods. In this paper, we design an algorithm for computing linear bijective market equilibrium, based on solving the rational convex program formulated by Devanur et al. The algorithm repeatedly alternates between a step of gradient-descent-like updates and a distributed step of optimization exploiting the property of such convex program. Convergence can be ensured by a new analysis different from the analysis for linear Fisher market equilibria.
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TL;DR: In this paper , the authors study the conditions under which input-output networks can dynamically attain a competitive equilibrium, where markets clear and profits are zero, and show that the time needed to reach equilibrium diverges to infinity as the system approaches an instability point beyond which the Hawkins-Simons condition is violated and competitive equilibrium is no longer admissible.
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01 Jan 1975
TL;DR: In this paper, a dynamic analysis of the immobility of factors of production between nations is presented, based on the assumption that there exists perfect mobility among factors within a nation.
Abstract: Classical economists differentiate between international and domestic trade on the assumption that there exists perfect mobility among factors of production within a nation. This is a dynamic analysis. It assumes, however, a static model in terms of the immobility of factors of production between nations. J. S. Mill had a dynamic analysis in his discussion about colonics and considered them part of the mother country; for example, the West Indies was part of England. Mill stated that factors of production moved freely between England and her colonies.
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TL;DR: In this article, the theoretical framework of the Financial Applied General Equilibrium (FAGE) model as developed in Xiao (2009) is explained. But, the model is a MONASH-style dynamic CGE model for China with a detailed financial extension.
Abstract: This paper explains the theoretical framework of the Financial Applied General Equilibrium (FAGE) model as developed in Xiao (2009). FAGE is a MONASH-style dynamic CGE model for China with a detailed financial extension. In section 1, we discuss a stylized version of the financial module. Section 2 discusses the important aspects of the full version of the FAGE model, such as, the database and investment theory.
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Cites background or methods from "Capital-labor substitution and econ..."
...The optimisation problem for households is to maximise their utility, given a CES function (Arrow et al., 1961) where consumers must choose between two types of assets, DEP and EQT, based on annual rate of returns.(11) This functional form has been readily adopted in financial CGE models related to portfolio optimisation since Rosensweig and Taylor (1990). In our model, utility is maximised subject to a constraint to households’ total financial net worth (FNW) minus their currency holding....
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...The optimisation problem for households is to maximise their utility, given a CES function (Arrow et al., 1961) where consumers must choose between two types of assets, DEP and EQT, based on annual rate of returns.11 This functional form has been readily adopted in financial CGE models related to…...
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...The optimisation problem for households is to maximise their utility, given a CES function (Arrow et al., 1961) where consumers must choose between two types of assets, DEP and EQT, based on annual rate of returns....
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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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