economic growth; endogenous technical change; direction of technical change; biased technology
Résumé :
[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 factorsaving
in the sense of Acemoglu (2010). Nevertheless, labour scarcity induces labour
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 microfoundation for canonical macro-economic models. Moreover, it accommodates
features like endogenous factor supplies and a binding minimum wage.
.
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 :
Endogenous Task-Based Technical Change - Factor Scarcity and Factor Prices
Date de publication/diffusion :
2020
Titre du périodique :
Economics and Business Review
ISSN :
2392-1641
eISSN :
2450-0097
Maison d'édition :
Sciendo, Pologne
Volume/Tome :
6
Pagination :
81-118
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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