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Does capital accumulation increase labor demand and wages? Neoclassical production functions, where capital and labor are q-complements, ensure that the answer is yes, so long as labor markets are competitive. This result critically depends on the assumption that capital accumulation does not...
Persistent link: https://www.econbiz.de/10014512044
. After linking these ideas to the induced innovation literature of the 1960s and the more recent directed technological …
Persistent link: https://www.econbiz.de/10012458604
It follows from Hicks' induced innovation hypothesis that rising energy prices in the last two decades should have … induced energy-saving innovation. We formulate the hypothesis concretely using a product-characteristics model of energy … innovation. Through estimation of characteristics transformation surfaces, we find that technological change reduced the total …
Persistent link: https://www.econbiz.de/10012472368
opportunities. The paper also provides new evidence on induced pharmaceutical innovation. In both cases we use the change in the … demographic structure of the market (measured by age structure and obesity prevalence) to test the induced innovation hypothesis … pharmaceutical innovation responds to aging- and obesity-induced changes in potential market size …
Persistent link: https://www.econbiz.de/10012464785
Building on recent advances in the literature on knowledge creation and innovation (notably Carnehl and Schneider (2025 …
Persistent link: https://www.econbiz.de/10015421857
We examine the concerns that new technologies will render labor redundant in a framework in which tasks previously performed by labor can be automated and new versions of existing tasks, in which labor has a comparative advantage, can be created. In a static version where capital is fixed and...
Persistent link: https://www.econbiz.de/10012456424
Environmental economics has traditionally fallen in the domain of microeconomics, but recently approaches from macroeconomics have been applied to studying environmental policy. We focus on two macroeconomic tools and their application to environmental economics. First, real business cycle...
Persistent link: https://www.econbiz.de/10012459868
Is financial innovation necessary for sustaining economic growth? To address this question, we build a Schumpeterian … innovation: they can invent better methods for screening entrepreneurs. Second, every screening process becomes less effective as … technology advances. The model predicts that technological innovation and economic growth eventually stop unless financiers …
Persistent link: https://www.econbiz.de/10012463294
must be adapted. In such a country, local saving matters for innovation, and therefore growth, because it allows the … innovation project, so local saving does not matter for growth. In our empirical exploration we show that lagged savings is …
Persistent link: https://www.econbiz.de/10012466393
Most firms achieve perfective progress, incrementally improving commodities or productivity. But technological progress is concentrated in a few firms achieving metamorphic progress: forming or transforming industries with technological breakthroughs (e.g., biotechnology, lasers, semiconductors,...
Persistent link: https://www.econbiz.de/10012469767