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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01 Jan 2014
TL;DR: Considering the economy, employment, resources, energy and environmental constraints with the achievement of the optimal economic and social benefits, a two-goal programming model is established in this paper, where fuzzy algorithm is used to solve the established planning model.
Abstract: This article analyzes the structure of the three industries in Shizhong District, Neijiang city. Considering the economy, employment, resources, energy and environmental constraints with the achievement of the optimal economic and social benefits, a two-goal programming model is established. Based on the relevant data, this article uses fuzzy algorithm to solve the established planning model. The results of the model calculations demonstrate that industrial structure optimization is an effective way to achieve low-carbon development and also it provides a scientific basis for the industrial structure optimization in Shizhong District.
Cites background from "Capital-labor substitution and econ..."
...Chenery [3] standardized the open industrial structure theory and put forward the development type theory....
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01 Jan 2006
TL;DR: In this article, a multi-criteria decision-making model is presented to evaluate the sustainable performances of intelligent buildings based on the Asian IB index, which is recommended by the Asian Institute of Intelligent Buildings.
Abstract: The paper presents a multi-criteria decision-making model to evaluate the sustainable performances of intelligent buildings based on the Asian IB index, which is recommended by the Asian Institute of Intelligent Buildings. To undertake this task, this paper first determines current evaluation method adopted in the Asian IB index and demonstrates its unreliability in calculation. A decision-making model called AIBChoice is then introduced as an alternative approach to IB assessments. The AIBChoice model can be used by either contractors or clients when it is necessary to evaluate the sustainable designs and select the best solution for proposed IB projects based on the
TL;DR: This paper argued that the case for restricting skilled workers' right to leave their country in the case of brain drain is much weaker than the parallel case for allowing investors to exit from a country that faces a threat of capital flight.
Abstract: How free should the movement of people be compared to the movement of capital? Unlike those who defend a presumption in favour of symmetrical treatment, I suggest that the presumption in favour of free human movement is much stronger than the same presumption in favour of the free movement of capital. Against those who claim that capital ought to be freer to move than people, I argue that states have much stronger reasons, both of distributive justice and cultural integrity, to constrain capital movement than they have to restrict human movement. Further, the case for restricting skilled workers ’ right to exit their country in the case of brain drain is much weaker than the parallel case for restricting investors ’ right to exit from a country that faces a threat of capital flight. Overall, my argument supports the ‘ reversed asymmetry thesis ’ : People should be much freer to move than capital.
Dissertation•
31 May 2015
TL;DR: In this paper, the authors consider the effects of removing small currency denominations from circulation, indexing the federal income tax code for inflation, and using different measures of inflation in policy considerations and find that these seemingly small policy changes possess the potential to have dramatic and lasting impacts on the economy.
Abstract: When it comes to monetary and, especially, fiscal policy, standard focus relates to topics such as changes in policy regimes, general tax levels, fiscal expenditures, and uncertainties therein. These are broad abstractions from reality, which more often deals with policies that are more subtle than these. These seemingly small policy changes possess the potential to have dramatic and lasting impacts on the economy. My dissertation considers some of these smaller policies, their coordination with monetary policy, and their potential impact on the economy in general. Included in these policies are the removal of small currency denominations from circulation, the indexation of the federal income tax code, and the use of differing measures of inflation in policy considerations. My findings suggest that some policies considered to be important may not be, while other policies deemed insignificant can have dramatic consequences. For example, policy makers have been increasingly concerned with the future of the monetary system’s foundation: currency. While some have focused on larger denominations, for decades a debate has focused on the effects of pricerounding if the smallest denominations are eliminated. In my first chapter, I deviate from the bulk of the literature, which typically considers case-studies with empirical simulations and data manipulation, and evaluate a multiple household, deterministic model with endogenous currency production. My findings suggest that the elimination of the smallest unit of currency has a “nickel-and-dime” effect on the economy, regardless of the rounding policy. This model is constructed and calibrated to emulate a “worst-case scenario”, but it is also robust to the empirical iii results in the literature as well as the empirical results in this work. In the second chapter, I consider a standard DSGE model with a labor income tax code derived from household income levels, finding that subtle alterations in this tax code can cause substantial changes in model dynamics. Specifically, I find that indexing the federal income tax code for inflation in the 1980s had a significant impact on the economy. My results are parallel to those of the recent monetary/fiscal policy coordination literature without considering government debt and to those of the Great Moderation literature without changing monetary policy. This suggests that the reductions in volatility seen in the data were not merely unilateral changes by monetary policy makers, but a combination of single-handed movements on both sides. Thus, even if this combination of policy changes was not sufficient to usher in the period of tranquility seen from the late-1980s through the mid-2000s, this study suggests that they were necessary. Finally, using a two-sector New Keynesian model with sector-specific levels of price stickiness, I explore the impact of changing the monetary authority’s inflation target from a narrow measure to a broad measure while fiscal policy continues to index its tax codes and transfer payment systems to the narrow measure. I find that a monetary policy adjustment like this can have a large impact on the level and variation of real fiscal debt, but the magnitude and direction of the impact is conditional on the coordinated stance of the policy makers. However, this switch in regimes unconditionally causes most standard deviations to increase. This matches the trends seen in latest time-varying parameter empirical models since 2000, when the Federal Reserve began using forecasts of the personal consumption expenditures (PCE) chain-type price index instead of the consumer price index (CPI).
Cites background from "Capital-labor substitution and econ..."
...…by nominal deposits Dt, in the following manner M ot = [ ξ 1 θ (µN ot ) θ−1 θ + (1− ξ) 1 θD θ−1 θ t ] θ θ−1 , where ξ ∈ (0, 1) is the distribution parameter as described by Arrow et al. (1961), θ > 0 represents the elasticity of substitution between currency holdings and deposits in providing…...
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...where ξ ∈ (0, 1) is the distribution parameter as described by Arrow et al. (1961), θ > 0 represents the elasticity of substitution between currency holdings and deposits in providing monetary services, and μ represents a Treasury policy parameter that embodies the price rounding effect on currency purchases (see Belongia and Ireland, 2012; Ireland, 2012, for more uses of this functional form in this type of scenario....
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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