Technical change; Factor prices; Factor-specific tasks; Neoclassical production
Résumé :
[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 :
Macroéconomie & économie monétaire
Auteur, co-auteur :
IRMEN, Andreas ; University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Economics and Management (DEM)
Co-auteurs externes :
yes
Langue du document :
Anglais
Titre :
Tasks, Technology, and Factor Prices in the Neoclassical Production Sector
Date de publication/diffusion :
2020
Titre du périodique :
Journal of Economics
ISSN :
0931-8658
eISSN :
1617-7134
Maison d'édition :
Springer
Volume/Tome :
131
Fascicule/Saison :
2
Pagination :
101-121
Peer reviewed :
Peer reviewed vérifié par ORBi
Projet FnR :
FNR11591926 - Competitive Growth Theory, 2017 (01/03/2018-30/08/2018) - Andreas Irmen
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