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Learning from Ricardo and Thompson : Machinery and Labor in the Early Industrial Revolution, and in the Age of AI
Acemoglu, Daron; Johnson, Simon - National Bureau of Economic Research - 2024
David Ricardo initially believed machinery would help workers but revised his opinion, likely based on the impact of automation in the textile industry. Despite cotton textiles becoming one of the largest sectors in the British economy, real wages for cotton weavers did not rise for decades. As...
Persistent link: https://www.econbiz.de/10014544695
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Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity
Bloom, Nicholas - 2011
We examine the impact of Chinese import competition on patenting, IT, R&D and TFP using a panel of up to half a million …-specific quotas following China's entry into the World Trade Organization. Chinese import competition had two effects: first, it led … account for around 15% of European technology upgrading between 2000-2007. Rising Chinese import competition also led to falls …
Persistent link: https://www.econbiz.de/10012461940
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Innovation, Competition and Welfare-Enhancing Monopoly
Darby, Michael R. - 2006
So long as the entry and exit of firms using the generic technology sets the price in an industry, one or more price-taking firms can coexist with proprietary technologies yielding more or less substantial quasi-rents to the sunk development costs. Consumer welfare is increased if an innovator...
Persistent link: https://www.econbiz.de/10012466574
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Competition Among the Exchanges before the SEC : Was the NYSE a Natural Hegemon?
White, Eugene N. - 2013
Improved information technology and higher volume should drive orders to be concentrated in one market, lowering the costs of transactions. However, the opposite occurred during the bull market of the 1920s when rapid technological change spawned a flood of new issues. This paper employs newly...
Persistent link: https://www.econbiz.de/10012459949
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The Other Side of Value : Good Growth and the Gross Profitability Premium
Novy-Marx, Robert - 2010
Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross-section of average returns. Profitable firms generate significantly higher average returns than unprofitable firms, despite having, on average, lower book-to-markets and...
Persistent link: https://www.econbiz.de/10012462711
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Accounting for Factorless Income
Karabarbounis, Loukas - 2018
Comparing U.S. GDP to the sum of measured payments to labor and imputed rental payments to capital results in a large and volatile residual or "factorless income." We analyze three common strategies of allocating and interpreting factorless income, specifically that it arises from economic...
Persistent link: https://www.econbiz.de/10012453310
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The Effect of Labor Market Liberalization on Political Behavior and Free Market Norms
Abramitzky, Ran; Ben-Porath, Netanel; Lahad, Shahar; … - National Bureau of Economic Research - 2022
We study the effects of labor market liberalization on political behavior and attitudes towards free-market capitalism and socialism, exploiting a reform whereby the Israeli socialist communities called kibbutzim shifted from equal sharing to market-based wages. Our identification strategy...
Persistent link: https://www.econbiz.de/10013334404
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Wage Insurance for Displaced Workers
Hyman, Benjamin G.; Kovak, Brian K.; Leive, Adam - National Bureau of Economic Research - 2024
Wage insurance provides income support to displaced workers who find reemployment at a lower wage. We analyze wage insurance in the context of the U.S. Trade Adjustment Assistance (TAA) program by merging linked employer-employee Census data to TAA petitions and leveraging a discontinuity in...
Persistent link: https://www.econbiz.de/10014544742
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The Effect of Inequality on Redistribution : An Econometric Analysis
Boskin, Michael J.; Elnahal, Kareem; Zhang, Adam - National Bureau of Economic Research - 2024
Using data on U.S. state and federal taxes and transfers over a quarter century, we estimate a regression model that yields the marginal effect of any shift of market income share from one quintile to another on the entire post tax, post-transfer income distribution. We identify exogenous income...
Persistent link: https://www.econbiz.de/10014544770
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Energy Efficiency Can Deliver for Climate Policy : Evidence from Machine Learning-Based Targeting
Christensen, Peter; Francisco, Paul; Myers, Erica; … - National Bureau of Economic Research - 2022
Building energy efficiency has been a cornerstone of greenhouse gas mitigation strategies for decades. However, impact evaluations have revealed that energy savings typically fall short of engineering model forecasts that currently guide funding decisions. This creates a resource allocation...
Persistent link: https://www.econbiz.de/10013388823