function and estimate these elasticities to shed some light on the substitutability between imports, capital services, and … labor services. The results reveal that capital services and imports are Morishima substitutes, irrespective of whether the … price of capital services or imports changes, and imports and labor services are also Morishima substitutes, irrespective of …

as industry failed to match the increase in labour flexibility with rising capital investment. …This paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital … constraints and labour constraints. It notes the failure to incorporate this phenomenon in standard macro models. Using panel data …

identified - the power of capital over labour, the rise of 'oligarchs capitalism', the individualisation of economic conditions …

We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium … efficiency of labour reallocation has not changed significantly. Second, the observed increase in capital misallocation has been … particularly severe in services as opposed to industry. Third, misallocation of both labour and capital dropped in all countries in …