References of "Irmen, Andreas 50002026"
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Peer Reviewed
See detailEndogenous Factor Income Distribution - When Piketty meets Romer -
Irmen, Andreas UL; Tabakovic, Amer UL

Scientific Conference (2016)

Detailed reference viewed: 27 (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: 25 (0 UL)
Full Text
See detailpopulation Aging and Inventive Activity
Irmen, Andreas UL; Litina, Anastasia UL

E-print/Working paper (2016)

This research empirically establishes and theoretically motivates the hypothesis that population aging has a hump-shaped effect on inventive activity. We estimate this hump-shaped relationship in a panel ... [more ▼]

This research empirically establishes and theoretically motivates the hypothesis that population aging has a hump-shaped effect on inventive activity. We estimate this hump-shaped relationship in a panel of 33 OECD countries over the period 1960-2012. The increasing part of the hump captures the awareness that population aging requires inventive activity to guarantee current and future standards of living. The decreasing part reflects the tendency of aging societies to lose dynamism and the willingness to take risks. Policy-wise our analysis suggests that raising the awareness of individuals about the consequences of population aging may facilitate the adoption of strategies and policies encouraging inventive activity and economic growth. [less ▲]

Detailed reference viewed: 94 (2 UL)
See detailPopulation Aging and Innovation: Do Old Societies Think New Ideas?
Litina, Anastasia UL; Irmen, Andreas UL

Presentation (2015, June)

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the ... [more ▼]

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the following three hypotheses: i) population aging has a hump-shaped effect on innovation, ii) old societies foster new ideas, and iii) the effect of population aging on innovation operates partly through a favorable attitude towards new ideas and creativity. Our results falsify the often encountered vision according to which old societies have old ideas. Moreover, they emphasize that innovation activity in aging societies is in part driven by cultural attitudes. [less ▲]

Detailed reference viewed: 64 (4 UL)
See detailPopulation Aging and Innovation: Do Old Societies Think New Ideas?
Litina, Anastasia UL; Irmen, Andreas UL

Scientific Conference (2015, May)

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the ... [more ▼]

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the following three hypotheses: i) population aging has a hump-shaped effect on innovation, ii) old societies foster new ideas, and iii) the effect of population aging on innovation operates partly through a favorable attitude towards new ideas and creativity. Our results falsify the often encountered vision according to which old societies have old ideas. Moreover, they emphasize that innovation activity in aging societies is in part driven by cultural attitudes. [less ▲]

Detailed reference viewed: 50 (1 UL)
Peer Reviewed
See detailPopulation Aging and Innovation: Do Old Societies Think New Ideas?
Litina, Anastasia UL; Irmen, Andreas UL

Scientific Conference (2015, March)

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the ... [more ▼]

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the following three hypotheses: i) population aging has a hump-shaped effect on innovation, ii) old societies foster new ideas, and iii) the effect of population aging on innovation operates partly through a favorable attitude towards new ideas and creativity. Our results falsify the often encountered vision according to which old societies have old ideas. Moreover, they emphasize that innovation activity in aging societies is in part driven by cultural attitudes. [less ▲]

Detailed reference viewed: 68 (0 UL)
Peer Reviewed
See detailCapital- and Labor-Saving Technical Change in an Aging Economy
Irmen, Andreas UL

Scientific Conference (2015)

Does population aging and the associated increase in the old-age dependency ratio affect economic growth ? The answer is given in a novel analytical framework that allows for population aging to affect ... [more ▼]

Does population aging and the associated increase in the old-age dependency ratio affect economic growth ? The answer is given in a novel analytical framework that allows for population aging to affect endogenous capital- and labor-saving technical change. In steady state capital-saving technical progress vanishes, and the economy’s growth rate of per-capita variables reflects only labor-saving technical change. The mere possibility of capital-saving technical change is shown to imply that the economy’s steady-state growth rate becomes independent of its age structure: neither a higher life-expectancy nor a decline in fertility affects economic growth in the long run. [less ▲]

Detailed reference viewed: 133 (4 UL)
See detailEndogenous Capital- and Labor-Augmenting Technical Change in the Neoclassical Growth Model
Irmen, Andreas UL

Presentation (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: 90 (5 UL)
See detailEndogenous Capital- and Labor-Augmenting Technical Change in the Neoclassical Growth Model
Irmen, Andreas UL

Presentation (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: 86 (1 UL)
Peer Reviewed
See detailA Generalized Steady-State Growth Theorem
Irmen, Andreas UL

Scientific Conference (2015)

Uzawa’s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference ... [more ▼]

Uzawa’s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The new generalized steady-state growth theorem holds since net output exhibits constant returns to scale in capital and labor. This insight provides an understanding for why technical change is labor-augmenting in steady state even if capital-augmenting technical change is feasible. By example, this point is made for three recent growth models that allow for endogenous capital- and labor-augmenting technical change, namely, Irmen (2013), Acemoglu (2003), and Acemoglu (2009), Chapter 15. The reduced form of these models is shown to be consistent with the generalized steady-state growth theorem. [less ▲]

Detailed reference viewed: 102 (2 UL)
Full Text
See detailLes sociétés vieillissantes sont-elles favorables aux idées nouvelles?
Irmen, Andreas UL; Litina, Anastasia UL

Article for general public (2015)

Detailed reference viewed: 64 (2 UL)
Full Text
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: 140 (24 UL)
Peer Reviewed
See detailEndogenous Capital- and Labor-Augmenting Technical Change in the Neoclassical Growth Model
Irmen, Andreas UL

Scientific Conference (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: 110 (7 UL)
Peer Reviewed
See detailA Generalized Steady-State Growth Theorem
Irmen, Andreas UL

Scientific Conference (2015)

Uzawa’s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference ... [more ▼]

Uzawa’s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The new generalized steady-state growth theorem holds since net output exhibits constant returns to scale in capital and labor. This insight provides an understanding for why technical change is labor-augmenting in steady state even if capital-augmenting technical change is feasible. By example, this point is made for three recent growth models that allow for endogenous capital- and labor-augmenting technical change, namely, Irmen (2013), Acemoglu (2003), and Acemoglu (2009), Chapter 15. The reduced form of these models is shown to be consistent with the generalized steady-state growth theorem. [less ▲]

Detailed reference viewed: 107 (2 UL)
Full Text
See detailEssential Inputs and Unbounded Output: an Alternative Characterization of the Neoclassical Production Function
Irmen, Andreas UL; Maußner, Alfred

E-print/Working paper (2014)

The Inada (1963) conditions constitute a defining property of the neoclassical production function with capital and labor as arguments. Are these conditions justifiable on economic grounds? Yes, they are ... [more ▼]

The Inada (1963) conditions constitute a defining property of the neoclassical production function with capital and labor as arguments. Are these conditions justifiable on economic grounds? Yes, they are: we show that a production function with positive, yet diminishing marginal products and constant returns to scale satisfies the Inada conditions if i) both inputs are essential and ii) an unbounded quantity of either input leads to unbounded output. This allows for an alternative characterization of the neoclassical production function that altogether dispenses with the Inada conditions. Moreover, we establish that the marginal product of capital vanishes as capital goes to infinity if labor is an essential input. Given the intuitive appeal of the latter feature, we conclude that the neoclassical growth model is a theory of eventual stagnation. [less ▲]

Detailed reference viewed: 78 (8 UL)
See detailThe Past and the Future of Economic Growth
Irmen, Andreas UL

Presentation (2014, October 28)

The world’s economic history has largely been a history of stagnation. The phase of sustained growth was only ignited in the second half of the 18th century by the Industrial Revolution in Britain. Since ... [more ▼]

The world’s economic history has largely been a history of stagnation. The phase of sustained growth was only ignited in the second half of the 18th century by the Industrial Revolution in Britain. Since then, many countries have experienced long periods of sustained growth of per-capita income. At the same time, the world income distribution has become more and more unequal. Today per-capita incomes in the richest countries are approximately 30 times higher than in the poorest countries. The first part of this lecture takes a closer look at these past developments. In the second part, we venture a look forward. Among the questions we will address are the following: - Who needs economic growth? Does economic growth imply happiness? Is economic growth necessary to maintain our current standard of living? Does economic growth help the welfare state in the face of population aging and tight public budgets? - Can the process of sustained economic growth go on? Is “no-growth” or even “degrowth” a reasonable option? Does the concept of sustainable growth help to answer these questions? - What are the main challenges for and what are the main obstacles to growth today? [less ▲]

Detailed reference viewed: 113 (5 UL)
Peer Reviewed
See detailGeneralized Steady-State Growth Theorem
Irmen, Andreas UL

Scientific Conference (2014, August)

Detailed reference viewed: 95 (2 UL)
Full Text
Peer Reviewed
See detailPopulation Aging and Innovation Do Old Societies Think New Ideas?
Litina, Anastasia UL; Irmen, Andreas UL

Scientific Conference (2014, July 26)

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the ... [more ▼]

This research advances the hypothesis that at the individual level "old people think old ideas" whereas at the aggregate level "old societies think new ideas." More precisely, we empirically establish the following three hypotheses: i) population aging has a hump-shaped effect on innovation, ii) old societies think new ideas, and iii) the effect of population aging on innovation operates partly through a favorable attitude towards new ideas and creativity. Our results falsify the often encountered vision according to which old societies think old ideas. Moreover they emphasize that innovation activity in aging societies is in part driven by cultural attitudes. [less ▲]

Detailed reference viewed: 116 (9 UL)