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Labor Income Share Dynamics with Variable Elasticity of Substitution
Paul, Saumik - 2019
The accumulation principle suggests that complementarity between capital and labor forces the labor income share to rise in the presence of capital accumulation. The CES model estimates using data from 20 Japanese industries between 1970 and 2012 explain the same outcome but with substitutable...
Persistent link: https://www.econbiz.de/10012867988
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A Decline in Labor's Share with Capital Accumulation and Complementary Factor Inputs : An Application of the Morishima Elasticity of Substitution
Paul, Saumik - 2019
The role of capital accumulation as a driver of the labor income share requires capital and labor to be substitutes, which appears paradoxical in a world predominantly characterized by complementarity between capital and labor. This paper argues that the composition of skills in the labor force...
Persistent link: https://www.econbiz.de/10012870261
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Good Governance and Good Aid Allocation
Epstein, Gil S.; Gang, Ira N. - 2021
We model the aid allocation decision where the donor government has announced that good governance is the criterion for receiving aid. Potential recipients must compete for the aid funds. The structure of the competition is important to the donor in terms of achieving good governance, and to the...
Persistent link: https://www.econbiz.de/10013325086
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The Economic Burden of Chronic Diseases : Estimates and Projections for China, Japan and South Korea
Bloom, David E. - 2017
China, Japan, and South Korea, and estimate the economic burden of chronic conditions in five domains (cardiovascular … non-communicable diseases over the period 2010-2030 are $16 trillion for China (measured in real USD with the base year … 2010), $5.7 trillion for Japan, and $1.5 trillion for South Korea. Our results also highlight the limits of cost …
Persistent link: https://www.econbiz.de/10012950906
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Factor Shares, the Price Markup, and the Elasticity of Substitution between Capital and Labor
Raurich, Xavier - 2011
In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the...
Persistent link: https://www.econbiz.de/10013120133
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Does Electricity Drive Structural Transformation? Evidence from the United States
Gaggl, Paul - 2020
Electricity is a general purpose technology and the catalyst for the second industrial revolution. What was its impact on the structure of employment? We use U.S. Census data from 1910 to 1940 and measure electrification with the length of higher-voltage electricity lines. Instrumenting for...
Persistent link: https://www.econbiz.de/10012833880
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The Effects of Globalization and Technology on the Elasticity of Substitution
Sala, Hector - 2017
The elasticity of substitution between capital and labor (σ) is usually considered a "deep parameter". This paper shows, in contrast, that σ is affected by both globalization and technology, and that different intensities in these drivers have different consequences for the OECD and the...
Persistent link: https://www.econbiz.de/10012950903
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Race V. Suffrage : The Determinants of Development in Mississippi
Bertocchi, Graziella - 2011
We investigate the long term determinants of political and economic outcomes over a new data set composed of Mississippi counties. We analyze the effect of disfranchisement on voting registration at the end of the nineteenth century (1896-9), as well as the impact of voting registration on...
Persistent link: https://www.econbiz.de/10013119252
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Artificial Intelligence, Jobs, Inequality and Productivity : Does Aggregate Demand Matter?
Gries, Thomas - 2018
Rapid technological progress in artificial intelligence (AI) has been predicted to lead to mass unemployment, rising inequality, and higher productivity growth through automation. In this paper we critically re-assess these predictions by (i) surveying the recent literature and (ii)...
Persistent link: https://www.econbiz.de/10012906469
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Artificial Intelligence, Income Distribution and Economic Growth
Gries, Thomas - 2020
The economic impact of Articial Intelligence (AI) is studied using a (semi) endogenous growth model with two novel features. First, the task approach from labor economics is reformulated and integrated into a growth model. Second, the standard representative household assumption is rejected, so...
Persistent link: https://www.econbiz.de/10012825010