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Unemployment, Capital-Labor Substitution, and Economic Growth

1999-03-01 Business & Economics
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Release : 1999-03-01
Genre : Business & Economics
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Book Rating : 304/5 ( reviews)

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Book Synopsis Unemployment, Capital-Labor Substitution, and Economic Growth by : Mr.Bob Rowthorn

Download or read book Unemployment, Capital-Labor Substitution, and Economic Growth written by Mr.Bob Rowthorn. This book was released on 1999-03-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the influence of economic growth on the equilibrium unemployment rate (NAIRU). It examines how income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how these factors’ impact depends on the elasticity of substitution between capital and labor. The paper distinguishes between the short-run NAIRU when capital stock is exogenous, and the long-run NAIRU when it is endogenous. It also considers how the analysis must be modified to take into account Keynesian ideas concerning the role of aggregate demand. It concludes that unless the capital stock grows in line with labor supply in efficiency units, the short-run NAIRU will increase, reducing the scope for demand stimulation.

Unemployment, Capital Labor Substitution, and Economic Growth

1999
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Release : 1999
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Kind : eBook
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Book Synopsis Unemployment, Capital Labor Substitution, and Economic Growth by : Robert Rowthorn

Download or read book Unemployment, Capital Labor Substitution, and Economic Growth written by Robert Rowthorn. This book was released on 1999. Available in PDF, EPUB and Kindle. Book excerpt:

Unemployment, Capital-labour Substitution, and Economic Growth

1999
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Release : 1999
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Book Synopsis Unemployment, Capital-labour Substitution, and Economic Growth by : Rowthorn

Download or read book Unemployment, Capital-labour Substitution, and Economic Growth written by Rowthorn. This book was released on 1999. Available in PDF, EPUB and Kindle. Book excerpt:

Technological Progress, Income Distribution, and Unemployment

2019-01-04 Business & Economics
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Release : 2019-01-04
Genre : Business & Economics
Kind : eBook
Book Rating : 268/5 ( reviews)

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Book Synopsis Technological Progress, Income Distribution, and Unemployment by : Hideyuki Adachi

Download or read book Technological Progress, Income Distribution, and Unemployment written by Hideyuki Adachi. This book was released on 2019-01-04. Available in PDF, EPUB and Kindle. Book excerpt: This volume develops original methods of analyzing biased technological progress in the theory and empirics of economic growth and income distribution. Motivated by sharp increases in wage and income inequalities in the world since the beginning of the new century, many macroeconomists have begun to realize the importance of biased technological changes. However, the comprehensive explanations have not yet appeared. This volume analyzes the effects of factor-biased technological progress on growth and income distribution and shows that long-run trends of the capital-income ratio and capital share of income consistent with Piketty’s 2014 empirical results emerge. Incorporating the modified version of induced innovation theory into the standard neoclassical growth model, it also explains the long-run fluctuations of growth and income distribution consistent with the data shown in Piketty. Introducing a wage-setting function, the neoclassical growth model is modified to account for unemployment as well as to examine the dynamics of unemployment and the labor share of income under biased technological progress. Applying a new econometric method to Japanese industrial data, the authors test the key assumptions employed and important results derived in the theoretical part of this book.

Unemployment, Market Structure and Growth

2012-12-06 Business & Economics
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Release : 2012-12-06
Genre : Business & Economics
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Book Rating : 933/5 ( reviews)

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Book Synopsis Unemployment, Market Structure and Growth by : Rüdiger Wapler

Download or read book Unemployment, Market Structure and Growth written by Rüdiger Wapler. This book was released on 2012-12-06. Available in PDF, EPUB and Kindle. Book excerpt: In his Ph. D. thesis, Rudiger Wapler analyses the causes of the persistently high unemployment rates especially in continental Europe. Particular emphasis is placed on imperfect labour and product markets on the one hand, and on the numerous links between unemployment, innovations and growth on the other. Hence, Rudiger Wapler provides an important contribution towards a better understanding of both the development of labour markets as well as the dynamics of growth. To aid readers with only little prior knowledge of labour markets, the book presents the most common theories of unemployment: (1) trade-union models in which union bargaining power leads to wages above their market-clearing level, (2) efficiency-wage models in which employers voluntarily pay higher wages in order to motivate or discipline their workers or to reduce the job turnover rate, as well as (3) matching models in which unemployment is caused by the continuous turnover of jobs and workers. In addition, emphasis is placed on the fact that labour needs to be treated as heterogeneous, a fact often neg lected in the literature. Subsequently, these labour-market foundations are integrated with modern theories of innovations and growth, making the ap proach much more relevant and plausible. Without doubt, the generalisations of the models performed by Rudiger Wapler show that there are limits to such formal analysis. Due to the increasing number of interdependencies, it is doubtful whether even more complex models provide additional (usable) insights.

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