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, the authors reported the results of the estimation of the agricultural production function on cross-country data, including conventional inputs (labor, land, fertilizer, and machinery) and non-conventional inputs (education, research, and extension).
Abstract: IN A previous paper [4], I reported the results of the estimation of the agricultural production function on cross-country data, including conventional inputs (labor, land, fertilizer, and machinery) and nonconventional inputs (education, research, and extension). In that study the production function was specified as being of the Cobb-Douglas type, thus assuming the unitary elasticity of substitution among inputs. This note attempts to test this assumption in the previously reported study by estimating on the cross-country data the parameters of the CES production function developed by Arrow et al. [1]. Since the CobbDouglas production function is the commonly used form of production function in agricultural economics research, the formal test of its underlying assumption should be of general interest.
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Cites result from "Capital-labor substitution and econ..."
...the ones derived from the cross-regional analysis of agricultural production in the United States (Griliches [1]) and in Japan (Kaneda [7]), although their results are less conclusive, with some of the estimates of b being significantly different from one and some of the estimates of c significantly different from zero....
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TL;DR: A substantial portion of the United Kingdom's.11.5% international transactions in long-term capital is comprised of inflows and outflows of direct investment in foreign subsidiaries and branches, whether by acquisition of share and loan capital, retention of profits, changes in branch indebtedness, or by changes in intercompany accounts as discussed by the authors.
Abstract: A substantial portion of the United Kingdom's .11.international transactions in long-term capital is comprised of inflows and outflows of direct investment in foreign subsidiaries and branches, whether by acquisition of share and loan capital, retention of profits, changes in branch indebtedness, or by changes in intercompany accounts. These transactions have historically been very large. On average, since 1961 U. K. firms have invested abroad in direct investments about 11.5%o as much as they have invested at home. On a per capita basis, the U. K. is one of the world's largest foreign investors. These flows are of considerable importance for the balance of payments. The quarterly value of the deficit on direct investment account has averaged ?28 million since 1961, compared with an average surplus on current account of ?34 million, and the variance of the balance on direct investment is about 1 1% of the variance of the balance on current account. Section II describes a model of direct investment flows. This model is tested in section III. The final section assesses some of the implications of the estimated model.
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TL;DR: In this paper, the authors argue that the standard theory of growth-in-equilibrium driven by exogenous, uncaused, productivity gains has an implication that is both unjustified and perverse from a policy perspective: that government intervention can only introduce constraints and reduce option space, thus decreasing potential growth.
Abstract: This paper discusses the need for a new approach to economic growth theory. The standard theory of growth-in-equilibrium driven by exogenous, uncaused, productivity gains has an implication that is both unjustified and perverse from a policy perspective: that government intervention of any kind can only introduce constraints and reduce option space, thus decreasing potential growth. It is argued that growth theory should (1) acknowledge the importance of natural resources, especially fossil fuels, as a driver of past and present economic growth, (2) incorporate an explicit recognition that growth is a consequence of technological innovation, especially radical innovation, that often responds to natural resource scarcities or other societal needs and (3) explicitly reflect the fact that the important (i.e. scarce) factors of production in economics can and do change over time, i.e. from a rural ‘cowboy’ economy of the past to an urbanized ‘spaceship’ economy of the future. In short, it should reflect the fact that ‘necessity is the mother of invention’. The first and third of these modifications have been proposed before, but not in combination. The third seems to be new.
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TL;DR: In this paper, the relative effect of input resources on factory productivity across countries was examined, using data collected from 508 manufacturing plants in 16 countries to estimate and compare productivity of inputs between countries.
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TL;DR: In this article, a general equilibrium model with overlapping generations, endogenous fertility and public pensions was studied, and it was shown that the introduction of a fertility-related component in the pay-as-you-go pension scheme may destabilise the long-term equilibrium and cause endogenous fluctuations when individuals have static expectations.
Abstract: In this paper, we study a general equilibrium model with overlapping generations, endogenous fertility and public pensions. By assuming Cobb–Douglas technology and logarithmic preferences, we show that the introduction of a fertility-related component in the pay-as-you-go pension scheme may destabilise the long-term equilibrium and cause endogenous fluctuations when individuals have static expectations. The possibility of cyclical instability increases (resp. reduces) when both the subjective discount factor and relative weight of individual fertility in pay-as-you-go pensions (resp. the parents’ taste for children) increase(s). Interestingly, when public pensions are contingent on the individual number of children, the financing of small-sized benefits may cause the occurrence of a flip bifurcation, two-period cycles and cycles of a higher order. In addition, we show through numerical simulations that these results hold in a more general setting with a constant inter-temporal elasticity of substitution utility function and a constant elasticity of substitution production function. Our findings identify a possible novel factor responsible for persistent deterministic fluctuations in a context of overlapping generations, while also representing a policy warning regarding the destabilising effects of fertility-related pension reforms, which are currently high in both the theoretical debate and the political agendas of several developed countries.
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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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