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, a cost-share equation is used to estimate all relevant elasticities of an underlying production function, including production, own and cross-input demand elasticities, the elasticity of input demand with respect to product price, and output supply elasticities.
Abstract: Unbiased estimates of technological parameters of an underlying production function can be obtained by first estimating a cost-share equation. From the parameter estimates of the cost share equation, it is possible to obtain all relevant elasticities, including production elasticities, own and cross input demand elasticities, the elasticity of input demand with respect to product price, and the output supply elasticities. The approach has important implications for, and represents a new way to estimate aggregate supply elasticities.
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TL;DR: The authors analyzed the correlation between the growth rate of money and the rate of capital accumulation on the transition path and showed that the interest rate elasticity of the money demands derived from those previous works is necessarily 1 and 0, respectively.
Abstract: Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a constant relative risk aversion utility (based on a Cobb–Douglas and a Leontief function, respectively) into Sidrauski's model—yet return contrasting results. The present analysis, by using a more general CES utility, presents both of those settings and conclusions as limiting cases and generates economic figures more consistent with reality (e.g., the interest rate elasticity of the money demands derived from those previous works is necessarily 1 and 0, respectively).
1 citations
01 Jan 1992
TL;DR: In this paper, the authors analyse the Wirkung relativer Kostenunterschiede zwischen einzelnen Landern auf die Struktur des internationalen Handels.
Abstract: Im vorangegangenen Kapitel analysierten wir die Wirkung relativer Kostenunterschiede zwischen einzelnen Landern auf die Struktur des internationalen Handels. Da nur die Arbeit als Produktionsfaktor zugelassen wurde, erwiesen sich Unterschiede in der Arbeitsproduktivitat zwischen Branchen und Landern als entscheidende Bestimmungsgrunde des komparativen Vorteils, der sich an der Form der Transformationskurve erkennen last. Wir haben uns bisher nicht mit den Ursachen des komparativen Vorteils beschaftigt, wenn mehr als ein Produktionsfaktor in die Analyse einbezogen wird. In diesem Kapitel werden wir uns deshalb ausfuhrlicher mit der Form der Transformationskurve und ihrer Beziehung zu den drei folgenden Parametern befassen:
Skalenertrage,
Faktorintensitat und
Faktorausstattung.
1 citations
08 Mar 2020
TL;DR: In this paper, the authors argue that many models in economics and ecological economics that make use of transcendental functions like the logarithm are fundamentally flawed when these functions use what are apparently dimensioned variables.
Abstract: The fundamental concern of ecological economics is to accurately model all aspects of the economy–ecosystem interaction problem — the myriad ways in which the economic and ecological systems are connected to each other. Almost all the monetary and physical variables used to describe economy– ecosystem interactions are dimensional in nature. The exact cardinal value taken by dimensioned variables is contingent on the particular measurement unit used. While several papers on the subject have pointed to the care required in using dimensioned variables in ecological economics, there is little consensus on how dimensional variables must be incorporated in economy–ecosystem interaction models (Mayumi and Giampietro 2010; Malghan 2011; Chilarescu and Viasu 2012; Baiocchi 2012; Mayumi and Giampietro 2012). Mayumi and Giampietro (2010) inaugurated the debate by making the provocative claim that many models in economics and ecological economics that make use of transcendental functions like the logarithm are fundamentally flawed when these functions use what are apparently dimensioned variables. Malghan (2011) claimed that several popular biophysical sustainability indicators are dimensionally inconsistent because they neglect the ̳qualitative residual‘ that is the defining characteristic of any social–ecological system (Georgescu-Roegen 1971). In a brief comment, Chilarescu and Viasu (2012) showed that the critique that a neoclassical production function (Arrow et al. 1961) is dimensionally inconsistent does not consider that the parameters of a production function
1 citations
Cites background from "Capital-labor substitution and econ..."
...In a brief comment, Chilarescu and Viasu (2012) showed that the critique that a neoclassical production function (Arrow et al., 1961) is dimensionally inconsistent does not consider that the parameters of a production function are dimensioned variables, too....
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...In a brief comment, Chilarescu and Viasu (2012) showed that the critique that a neoclassical production function (Arrow et al. 1961) is dimensionally inconsistent does not consider that the parameters of a production function Indian Institute of Management Bangalore, Bannerghatta Road, Bengaluru…...
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...Even in the 1960s, the classic paper by Arrow et al. (1961) had been critiqued for not considering the dimensional consistency of production function specifications (De Jong 1967; De Jong and Kumar 1972; Cantore and Levine 2012)....
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...Thus, Mayumi and Giampietro (2012) argue that a regression model that includes a term like )ln( LV used by Arrow et al. (1961) in their labour–capital substitution model is problematic because the logarithm takes on a dimensioned quantity (measured in US dollars per person–year of labour unit, for…...
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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