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Endogenous Task-Based Technical Change - Factor Scarcity and Factor Prices -
IRMEN, Andreas
2020
 

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Keywords :
economic growth; endogenous technical change; direction of technical change; biased technology
Abstract :
[en] This paper develops a static model of endogenous task-based technical progress to study how factor scarcity induces technological progress and changes in factor prices. The equilibrium technology is multi-dimensional and not strongly factor-saving in the sense of Acemoglu (2010). Nevertheless, labor scarcity induces labor productivity growth. There is a weak but no strong absolute equilibrium bias. This model provides a plausible interpretation of the famous contention of Hicks (1932) about the role of factor prices and factor endowments for induced innovations. It may serve as a micro-foundation for canonical macro-economic models. Moreover, it accommodates features like endogenous factor supplies and a binding minimum wage.
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 :
Endogenous Task-Based Technical Change - Factor Scarcity and Factor Prices -
Publication date :
2020
FnR Project :
FNR11591926 - Competitive Growth Theory, 2017 (01/03/2018-30/08/2018) - Andreas Irmen
Available on ORBilu :
since 30 December 2020

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