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Wie Luxemburg weiter wachsen kann Irmen, Andreas Article for general public (2018) Detailed reference viewed: 49 (1 UL)Baustelle Digitalisierung Irmen, Andreas ; Article for general public (2018) Detailed reference viewed: 29 (1 UL)A Generalized Steady-State Growth Theorem Irmen, Andreas in Macroeconomic Dynamics (2018) 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 four growth mod-els that allow for endogenous capital- and labor-augmenting technical change, namely, Irmen and Tabakovic (2015), Acemoglu (2003), Acemoglu (2009), Chapter 15, and for the typical model of the induced innovations literature of the 1960s.The reduced form of these models is shown to be consistent with the generalizedsteady-state growth theorem. [less ▲] Detailed reference viewed: 52 (0 UL)Der Klimawandel und die Wirtschaft - US Ökonomen William Nordhaus und Paul Romer teilen sich den Nobelpreis Irmen, Andreas Article for general public (2018) Detailed reference viewed: 32 (1 UL)Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity Irmen, Andreas Presentation (2018) Detailed reference viewed: 17 (0 UL)- Tasks, Workers, and Machines - Factor-Augmenting Automation in an Aging Economy Irmen, Andreas Presentation (2018) Detailed reference viewed: 24 (2 UL)Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity Irmen, Andreas Presentation (2018) Detailed reference viewed: 11 (0 UL)Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity Irmen, Andreas Scientific Conference (2018) At least since 1870 hours worked per worker declined and real wages increased in many of today’s industrialized countries. The dual nature of technological progress in conjunction with a consumption ... [more ▼] At least since 1870 hours worked per worker declined and real wages increased in many of today’s industrialized countries. The dual nature of technological progress in conjunction with a consumption-leisure complementarity explains these stylized facts. Technological progress drives real wages up and expands the amount of available consumption goods. Enjoying consumption goods increases the value of leisure. Therefore, individuals demand more leisure and supply less labor. This mechanism appears in an OLG-model with two-period lived individuals equipped with per-period utility functions of the generalized log-log type proposed by Boppart-Krusell (2016). The optimal plan is piecewise defined and hinges on the wage level. Technological progress moves a poor economy out of a regime with low wages and an inelastic supply of hours worked into a regime where wages increase further and hours worked continuously decline. [less ▲] Detailed reference viewed: 15 (1 UL)Some Simple Macroeconomics of Artificial Intelligence (AI) - A User’s Guide - Irmen, Andreas Presentation (2018) Detailed reference viewed: 74 (2 UL)Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity Irmen, Andreas Presentation (2018) Detailed reference viewed: 16 (1 UL)Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity Irmen, Andreas E-print/Working paper (2018) At least since 1870 hours worked per worker declined and real wages increased in many of today’s industrialized countries. The dual nature of technological progress in conjunction with a consumption ... [more ▼] At least since 1870 hours worked per worker declined and real wages increased in many of today’s industrialized countries. The dual nature of technological progress in conjunction with a consumption-leisure complementarity explains these stylized facts. Technological progress drives real wages up and expands the amount of available consumption goods. Enjoying consumption goods increases the value of leisure. Therefore, individuals demand more leisure and supply less labor. This mechanism appears in an OLG-model with two-period lived individuals equipped with per-period utility functions of the generalized log-log type proposed by Boppart-Krusell (2016). The optimal plan is piecewise defined and hinges on the wage level. Technological progress moves a poor economy out of a regime with low wages and an inelastic supply of hours worked into a regime where wages increase further and hours worked continuously decline. [less ▲] Detailed reference viewed: 28 (1 UL)Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity Irmen, Andreas Scientific Conference (2018) Detailed reference viewed: 18 (1 UL)TASKS, TECHNOLOGY, AND FACTOR PRICES IN THE NEOCLASSICAL PRODUCTION SECTOR Irmen, Andreas E-print/Working paper (2018) This paper introduces tasks into the neoclassical production sector. Competitive firms choose the profit-maximizing amounts of factor-specific tasks that determine their factor demands and output supplies ... [more ▼] This paper introduces tasks into the neoclassical production sector. Competitive firms choose the profit-maximizing amounts of factor-specific tasks that determine their factor demands and output supplies. We show that the effect of factor-augmenting technical change on relative and absolute factor prices can be decomposed into a productivity effect and a market size effect of opposite sign. These effects appear since the novel task-based approach distinguishes between the demands for tasks and the demands for factors. This perspective provides a new intuition for the emergence of relative and absolute factor biases and the role of the elasticity of substitution. [less ▲] Detailed reference viewed: 19 (1 UL)Economic Growth: Past, Present, and Future Irmen, Andreas Speeches/Talks (2017) Detailed reference viewed: 106 (3 UL)Security of Financial Systems and Economic Policies Irmen, Andreas Speeches/Talks (2017) Detailed reference viewed: 30 (3 UL)Capital- and Labor-Saving Technical Change in an Aging Economy Irmen, Andreas in International Economic Review (2017), 58 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: 113 (3 UL)Warum Wirtschaftswachstum gut sein kann Irmen, Andreas Article for general public (2017) Detailed reference viewed: 58 (1 UL)What a Study of 33 Countries Found about Aging Populations and Innovation Irmen, Andreas ; Litina, Anastasia in Harvard Business Review (2017) Detailed reference viewed: 143 (6 UL)A Generalized Steady-State Growth Theorem Irmen, Andreas in Macroeconomic Dynamics (2017) Is there an economic justification for why technical change is by assumption labor-augmenting in Dynamic Macroeconomics? The literature on the endogenous choice of capital- and labor-augmenting technical ... [more ▼] Is there an economic justification for why technical change is by assumption labor-augmenting in Dynamic Macroeconomics? The literature on the endogenous choice of capital- and labor-augmenting technical change finds that technical change is purely labor-augmenting in steady state. The present paper shows that this finding is mainly an artefact of the underlying mathematical models. To make this point Uzawa’s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that, besides consumption and capital accumulation, uses current output to create technical progress or to manufacture intermediates. The generalized steady-state growth theorem is shown to encompass four models of endogenous capital- and labor-augmenting technical change, namely, Irmen and Tabakovic (2015), Acemoglu (2003), Acemoglu (2009), Chapter 15, and the typical model of the induced innovations literature of the 1960s. [less ▲] Detailed reference viewed: 150 (5 UL)A Note on the Characterization of the Neoclassical Production Function Irmen, Andreas in Macroeconomic Dynamics (2017) We study production functions with capital and labor as arguments that exhibit positive, yet diminishing marginal products and constant returns to scale. We show that such functions satisfy the Inada ... [more ▼] We study production functions with capital and labor as arguments that exhibit positive, yet diminishing marginal products and constant returns to scale. We show that such functions satisfy 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. Although this proposition generalizes to the case of n > 2 factors of production, its converse does not hold: 2n Inada conditions do not imply that each factor is essential. [less ▲] Detailed reference viewed: 86 (4 UL) |
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