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Tasks, Technology, and Factor Prices in the Neoclassical Production Sector
Irmen, Andreas
2020
 

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Keywords :
technical change; factor prices; factor-specific tasks; neoclassical production
Abstract :
[en] 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 task-demand 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.
Disciplines :
Macroeconomics & monetary economics
Author, co-author :
Irmen, Andreas  ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Economics and Management (DEM)
Language :
English
Title :
Tasks, Technology, and Factor Prices in the Neoclassical Production Sector
Publication date :
2020
Available on ORBilu :
since 30 December 2020

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