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See detailEndogenous Factor Income Distribution - When Piketty meets Romer -
Irmen, Andreas UL; Tabakovic, Amer UL

E-print/Working paper (2016)

We scrutinize Thomas Piketty’s (2014) theory concerning the relationship between an economy’s long-run growth rate, its capital-income ratio, and its factor income distribution put forth in his recent ... [more ▼]

We scrutinize Thomas Piketty’s (2014) theory concerning the relationship between an economy’s long-run growth rate, its capital-income ratio, and its factor income distribution put forth in his recent book Capital in the Twenty-First Century. We find that a smaller long-run growth rate may be associated with a smaller capital-income ratio. Hence, the key implication of Piketty’s Second Fundamental Law of Capitalism does not hold. In line with Piketty’s theory a smaller long-run growth rate may go together with a greater capital share. However, the mechanics behind this result are the opposite of what Piketty suggests. Our findings obtain in variants of Romer’s (1990) seminal model of endogenous technological change. Here, both the economy’s savings rate and its growth rate are endogenous variables whereas in Piketty’s theory they are both exogenous parameters. Including demographic growth in the spirit of Jones (1995) shows that a smaller growth rate of the economy may imply a lower capital share contradicting a central claim in Piketty’s book. [less ▲]

Detailed reference viewed: 100 (8 UL)
Peer Reviewed
See detailEndogenous Factor Income Distribution - When Piketty meets Romer -
Irmen, Andreas UL; Tabakovic, Amer UL

Scientific Conference (2016)

Detailed reference viewed: 23 (1 UL)
Peer Reviewed
See detailEndogenous Factor Income Distribution - When Piketty meets Romer -
Irmen, Andreas UL; Tabakovic, Amer UL

Scientific Conference (2016)

Detailed reference viewed: 24 (0 UL)
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See detailEndogenous Capital- and Labor-Augmenting Technical Change in the Neoclassical Growth Model
Irmen, Andreas UL; Tabakovic, Amer UL

E-print/Working paper (2015)

The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans ... [more ▼]

The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans extended to allow for endogenous capital- and labor-augmenting technical change. We develop a novel micro-foundation for the competitive production sector that rests on the idea that the fabrication of output requires tasks to be performed by capital and labor. Firms may engage in innovation investments that increase the productivity of capital and labor in the performance of their respective tasks. These investments are associated with new technological knowledge that accumulates over time and sustains long-run growth. We show that the equilibrium allocation is not Pareto-efficient since both forms of technical change give rise to an inter-temporal knowledge externality. An appropriate policy of investment subsidies may implement the efficient allocation. [less ▲]

Detailed reference viewed: 119 (24 UL)
See detailEssays on Dynamic Economic Analysis
Tabakovic, Amer UL

Doctoral thesis (2015)

Detailed reference viewed: 222 (40 UL)