Book ChapterDOI
The Economic Implications of Learning by Doing
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It is by now incontrovertible that increases in per capita income cannot be explained simply by increases in the capital-labor ratio as mentioned in this paper, and that knowledge is growing in time.Abstract:
It is by now incontrovertible that increases in per capita income cannot be explained simply by increases in the capital-labor ratio. Though doubtless no economist would ever have denied the role of technological change in economic growth, its overwhelming importance relative to capital formation has perhaps only been fully realized with the important empirical studies of Abramovitz [1] and Solow [l 1]. These results do not directly contradict the neo-classical view of the production function as an expression of technological knowledge. All that has to be added is the obvious fact that knowledge is growing in time. Nevertheless a view of economic growth that depends so heavily on an exogenous variable, let alone one so difficult to measure as the quantity of knowledge, is hardly intellectually satisfactory. From a quantitative, empirical point of view, we are left with time as an explanatory variable. Now trend projections, however necessary they may be in practice, are basically a confession of ignorance, and, what is worse from a practical viewpoint, are not policy variables.read more
Citations
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Journal ArticleDOI
Financing Renewable Energy: Who is Financing What and Why it Matters
TL;DR: In this paper, the authors analyze the asset portfolios of different renewable energy technologies financed by different financial actors according to their size, skew and level of risk, and construct a heuristic index of risk that varies with the technology, time, and country of investment.
Journal ArticleDOI
Knowledge growth and the allocation of time
Robert E. Lucas,Benjamin Moll +1 more
TL;DR: In this paper, the authors analyze a model economy with many agents, each with a different productivity level, who divide their time between two activities: producing goods with the production-related knowledge they already have and interacting with others in search of new, productivity-increasing ideas.
Journal ArticleDOI
Near-term technology policies for long-term climate targets—economy wide versus technology specific approaches
Björn A. Sandén,Christian Azar +1 more
TL;DR: In this article, the authors make a distinction between economy wide and technology specific policy instruments and put forward two key hypotheses: (i) Near-term carbon targets such as the Kyoto protocol can be met by economy wide price instruments (carbon taxes, or a cap-and-trade system) changing the technologies we pick from the shelf (higher energy efficiency in cars, buildings and industry, wind, biomass for heat and electricity, natural gas instead of coal, solar thermal, etc.).
Posted Content
Fiscal Policy and Long-Run Growth
TL;DR: The authors discusses the relationship between the growth of countries' economies and various public finance instruments, such as tax policy, expenditure policy, and overall budgetary policy, from the perspectives of allocative efficiency, macroeconomic stability, and income distribution.
Journal ArticleDOI
The Coast–Noncoast Income Gap, Productivity, and Regional Economic Policy in China☆☆☆
Belton M. Fleisher,Jian Chen +1 more
TL;DR: Li et al. as mentioned in this paper found that inferior factor productivity in China's non-coastal provinces is a principal reason for their lower economic growth despite high investment rates relative to provincial GDP.
References
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Journal ArticleDOI
Technical change and the aggregate production function
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.
Journal ArticleDOI
Factors affecting the cost of airplanes
TL;DR: The matter became of increasing interest and importance because of the program sponsored by the Bureau of Air Commerce for the development of a small two-place airplane which, it was hoped, could be marketed at $700 assuming a quantity of ten thousand units could be released for construction.
Journal ArticleDOI
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.
Book ChapterDOI
Capital Accumulation and Economic Growth
TL;DR: In this paper, the authors start off a model with the kind of abstraction which initially excludes the influence of forces which are mainly responsible for the behaviour of the economic variables under investigation; and upon finding that the theory leads to results contrary to what we observe in reality, attributing this contrary movement to the compensating (or more than compensating) influence of residual factors that have been assumed away in the model.
Book
Resource and output trends in the United States since 1870
TL;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