Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced … by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with … workers. We show that this flexibility can help new firms over- come uncertainty and increase entrepreneurial entry. We …

Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced … by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with … workers. We show that this flexibility can help new firms overcome uncertainty and increase entrepreneurial entry. We develop …

Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced … by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with … workers. We show that this flexibility can help new firms overcome uncertainty and increase entrepreneurial entry. We develop …

Using U.S. manufacturing data, Griliches (1969) found evidence suggesting that capital equipment was more substitutable … for unskilled than skilled labor. Griliches formulated this finding as the capital-skill complementarity hypothesis. The … purpose of this study is to determine whether the capital-skill complementarity framework holds for Ghana manufacturing plants …