created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

share of national income. In a neoclassical growth model with endogenous human capital accumulation a la Ben Porath (1967 …) and capital-skill complementarity a la Grossman et al. (2017), the steady-state labor share is positively correlated with … the rates of capital-augmenting and labor-augmenting technological progress. We calibrate the key parameters describing …

The evidence for the United States points to balanced growth despite falling investment-good prices and an elasticity … of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend … Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle …

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 reallocation of capital and labor away from that sector. We … models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital …

capital and labor are gross complements or substitutes. Establishing the magnitude of `sigma` is vital, not only for … that there has been capital deepening. This paper presents evidence that refutes these claims. It shows that despite a rise … in measured capital-labor ratios, labor-augmenting technical change in the US has been sufficiently rapid that effective …

with endogenous labor-leisure choice where all agents are allowed to save and accumulate capital. We provide a sufficient … condition under which optimal redistributive capital taxes remain at their allowed upper bound forever, even if the resulting … equilibrium trajectory converges to a unique steady state with positive and finite consumption, capital, and labor. We then …

The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence … of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that … induces obsolescence of capital in place. Spikes occur precisely when technological progress slows down. Moreover, the more …

We provide an argument for long-term automation and decline in the labor income share, driven by capital accumulation … rather than technical progress or rising markups. We emphasize a fundamental asymmetry across physical and human capital. An … rescaled in the same way. Then ongoing capital accumulation gives rise to progressive automation, and the share of labor income …

We develop a forward‐looking profit model to estimate the depreciation rates of business R&D capital. By using data …

to counteract this trend, but can increased public investment financed by higher capital taxes? We examine how such a …. Our main finding is that public investment financed through capital taxes always decreases wealth inequality when the …Wealth inequality is rising in rich countries. Capital taxation used simply to finance redistribution may not be able …