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The Shape of Production Function and the Direction of Technical Change
Jones, Charles I. - 2021
This paper views the standard production function in macroeconomics as a reduced form and derives its properties from microfoundations. The shape of this production function is governed by the distribution of ideas. If that distribution is Pareto, then two results obtain: the global production...
Persistent link: https://www.econbiz.de/10013249717
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Capital Deepening and Non-Balanced Economic Growth
Acemoglu, Daron - 2010
This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share, but simultaneously induces a...
Persistent link: https://www.econbiz.de/10012760696
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Public Finance in a Nutshell : A Cobb Douglas Teaching Tool for General Equilibrium Tax Incidence and Excess Burden
Fullerton, Don - 2017
To help first- or second-year graduate students in economics apply their theoretical training, this paper shows how to solve a simple and intuitive computable general equilibrium (CGE) model using a calculator. Because this simplified Harberger model uses Cobb Douglas functional forms for...
Persistent link: https://www.econbiz.de/10012964910
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Immigration and Production Technology
Lewis, Ethan G. - 2014
capital. This article discusses theory and evidence that suggest that this standard model is too simple to capture the labor … immigration impacts innovation and firm formation …
Persistent link: https://www.econbiz.de/10013065644
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The Microeconomic Foundations of Aggregate Production Functions
Baqaee, David Rezza - 2018
Aggregate production functions are reduced-form relationships that emerge endogenously from input-output interactions between heterogeneous producers and factors in general equilibrium. We provide a general methodology for analyzing such aggregate production functions by deriving their first-...
Persistent link: https://www.econbiz.de/10012907445
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Innovation by Entrants and Incumbents
Acemoglu, Daron - 2010
We extend the basic Schumpeterian endogenous growth model by allowing incumbents to undertake innovations to improve their products, while entrants engage in more "radical" innovations to replace incumbents. Our model provides a tractable framework for the analysis of growth driven by both entry...
Persistent link: https://www.econbiz.de/10013137600
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Catch-Up and Fall-Back Through Innovation and Imitation
Benhabib, Jess - 2012
frontier? This paper models agents growing as a result of investments in innovation and imitation. Imitation facilitates …
Persistent link: https://www.econbiz.de/10013106293
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Carbon Taxes, Path Dependency and Directed Technical Change : Evidence from the Auto Industry
Aghion, Philippe - 2014
innovation distinguishing between "dirty" (internal combustion engine) and "clean" (e.g. electric and hybrid) patents across 80 … tax-inclusive fuel prices. Furthermore, there is path dependence in the type of innovation both from aggregate spillovers … and from the firm's own innovation history. Using our model we simulate the increases in carbon taxes needed to allow …
Persistent link: https://www.econbiz.de/10013064941
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Heterogeneity and the Dynamics of Technology Adoption
Ryan, Stephen P - 2014
We estimate the demand for a videocalling technology in the presence of both network effects and heterogeneity. Using a unique dataset from a large multinational firm, we pose and estimate a fully dynamic model of technology adoption. We propose a novel identification strategy based on...
Persistent link: https://www.econbiz.de/10013067628
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Adoption Curves and Social Interactions
Brock, William A. - 2010
This paper considers the observational implications of social influences on adoption decisions for an environment of perfect foresight adopters. We argue that social influences can produce two observable effects: 1) discontinuities in unconditional adoption curves and 2) pattern reversals in...
Persistent link: https://www.econbiz.de/10013152509