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Empirical Essays On The Elasticity Of Substitution Technical Change And Economic Growth
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Book Synopsis Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth by : Claudiney Magalhães Pereira
Download or read book Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth written by Claudiney Magalhães Pereira and published by . This book was released on 2003 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keywords: elasticity of substitution, estimation, production theory.
Book Synopsis Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth by :
Download or read book Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the elasticity of substitution using two different production functions. The usual Constant Elasticity of Substitution (CES) production function and a Box-Cox production function for Japan (1890-1991), UK (1870-1991), and US (1890-1992; 1929-2000). The main results are that we find the ES to be non-unitary and changing over time. Our findings have implications for economic growth (theoretical and empirical), as production is an increasing function of the ES. The use of a Cobb-Douglas production function, as in most cases in the literature, hides the role of the ES not only as a source of increase in output but also as a source of technical change. Also, we found in a monte carlo simulation that usual CES production usually does not give reliable estimates for the substitution parameter. Finally, using a CES to calculate TFP across countries, we found that variance of TFP is lower than using a Cobb-Douglas. It implies that the importance of TFP to explain income differences across countries is diminished.
Book Synopsis Technical Change and Economic Growth by : Mr George M Korres
Download or read book Technical Change and Economic Growth written by Mr George M Korres and published by Ashgate Publishing, Ltd.. This book was released on 2012-11-28 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technological change is not only a determinant of growth but is also a pivotal factor in international competition and the modernization of an economy. In one of the most in-depth and detailed studies of its kind, George Korres analyzes the macroeconomic and the microeconomic factors influencing the economics of innovation and the economic relations between technology, innovation, knowledge and productivity. In particular, this book examines both the theoretical framework and the applications for empirical results. This second edition contributes updated figures and estimations for technical change from EU member states and features new subjects, including growth models, productivity models, production function models and non-parametric models. In one of the most in-depth and detailed studies of its kind, this book captures all the existing contemporary techniques in the theoretical fields as well as the empirical applications of the models.
Book Synopsis Essays on Technological Progress and Economic Growth by : Jakub Growiec
Download or read book Essays on Technological Progress and Economic Growth written by Jakub Growiec and published by Presses univ. de Louvain. This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis covers a broad range of topics in the general area of economic growth theory and economics of technological change. It is primarily about the ultimate sources of growth and its ultimate limitations. We scrutinize the implications of several specifications of long-run growth “engines” found in the theoretical literature and put forward their generalizations and extensions. At the highest level of generality, we provide a formal proof that balanced (i.e. exponential) growth requires knife-edge assumptions which cannot be satisfied by typical values of model parameters. This result implies that at least one such knife-edge assumption must be made if a given model is supposed to deliver balanced growth over the long run. Next, we deal with the issue of resource-based limits to long-run growth. We propose to promote technological progress which would improve the substitutability between non-renewable and renewable resources: if the elasticity of substitution between the two kinds of resources exceeds unity, production will not fall down to zero even after the non-renewable resources will have been completely depleted. Another question asked is whether it is plausible that R&D-based growth, fueled by steady increases in the world’s population, can be extended into indefinite time. We answer this question by introducing endogenous fertility choice, with population entering the utility functional multiplicatively, into an R&D-based semi-endogenous growth model. The next issue addressed here are the idea-based microfoundations of aggregate production functions. We discuss the correspondence between the shape of production functions, the direction of technical change, and the possibility of sustained endogenous growth. A broad class of production functions, nesting both the Cobb-Douglas and the CES function, is derived. Finally, we discuss the impact of the heterogeneity of innovations on long-run economic dynamics: we augment the semi-endogenous growth model with a distinction between radical and incremental innovations. Total R&D output is assumed to depend on technological opportunity which is depleted by incremental innovations but renewed by radical innovations. The dynamic interplay of the arrivals of the two types of innovations is shown to give rise to transitional oscillations.
Book Synopsis Three Essays on Investment-specific Technical Change and Economic Growth by : Tang-Chih Lee
Download or read book Three Essays on Investment-specific Technical Change and Economic Growth written by Tang-Chih Lee and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation investigates the relation between investment-specific technical change and long-run economic growth. The first essay points out the discrepancy between the steady state growth theorem and recent economic growth driven by information technology. Previous study finds that investment-specific technological progress accounts for 58% of economic growth in the U.S. However, their result hinges on the assumption of the Cobb-Douglas production function. This paper employs the CES production function to investigate the effect of investment-specific technological progress on long-run economic growth. In the steady state, quality improvement in each vintage is directed to expand more functions in one machine, resulting in contraction in the types of capital. The offsetting effect between quality and variety implies that the relative capital income share is constant in the steady state. Empirical tests for the U.S. data show that investment-specific technological progress does not generate long-run economic growth. The elasticity of substitution is significantly less than one, and that there is an offsetting effect to investment-specific technological progress. The second essay investigates the quality changes in capital and labor inputs across 46 industries from 1968 to 2001. We incorporate a time-varying quality measure to the efficiency units of capital. The result indicates that the average quality of capital assets over time has improved 46 percent in the cross industry average. The quality improvement effect accounts for 30 percent in the total growth of the efficiency units of capital. Although the net quantity effect is still the largest component in the growth of the efficiency units of capital, there is significant substitution among different vintages and asset types as well. The average quality growth in the efficiency units of labor is 17 percent. The third essay investigates unbalanced growth facts and their implications for existing growth theory. We find that the balanced growth implication is consistent with data for the United States at the national aggregate level, but not at a more disaggregate level and internationally. Among the various unbalanced growth facts, the increases in the depreciation rates of equipment and of aggregate capital have the most significant impact on the growth theory. Under the Cobb-Douglas framework, an increasing depreciation rate of equipment can result in rising, constant, or declining rate of return of equipment, depending on the magnitude of the decreasing net marginal product effect and the capital loss effect.
Book Synopsis Technical Change, Variable Elasticity of Substitution and Economic Growth by : Sharmila Gamlath
Download or read book Technical Change, Variable Elasticity of Substitution and Economic Growth written by Sharmila Gamlath and published by . This book was released on 2015 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We incorporate a variable elasticity of substitution production function into an overlapping generations model à la Diamond (1965). We show that a certain parameter in the production function is a source of biased technical change is a crucial determinant of the economy's growth dynamics. For positive values of this parameter, which lead to an elasticity of substitution between capital and labour which is greater than 1, the economy always reaches a unique and stable steady state which is similar to the conditional convergence in the standard Solow growth model. For negative values of this parameter, which yield an elasticity of substitution below 1, the economy could either fall into a poverty trap; or display two steady states, of which one is stable while the other is not, which could, depending on the value of the initial capital stock, potentially result in divergence towards unbounded growth. These different outcomes are consistent with the observed diversity in international growth experiences. The capital biased technical change generated by a higher value of this parameter improves productivity in steady state, but causes an exacerbation of intergenerational inequality.
Book Synopsis The Theory of Technological Change and Economic Growth by : Stanislaw Gomulka
Download or read book The Theory of Technological Change and Economic Growth written by Stanislaw Gomulka and published by Psychology Press. This book was released on 1990 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this wide ranging exposition of the various economic theories of technological change, Stanislaw Gomulka relates them to rates of growth experienced by different economies in both the short and the long term. Analysis of countries as diverse as Japan, the Soviet Union and the United Kingdom demonstrates that there is an interdependence between technological change and the institutional and cultural characteristics of different countries, which can have a profound effect on their rates of growth. All of the major, relevant models are discussed, including those of Kuznets and Phelps, but throughout the emphasis is on the creation of a unified theoretical framework to help explain the impact of technological progress on both a micro and a macro scale.
Book Synopsis Bayesian Econometrics by : Mauro Bernardi
Download or read book Bayesian Econometrics written by Mauro Bernardi and published by MDPI. This book was released on 2020-12-28 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the advent of Markov chain Monte Carlo (MCMC) methods in the early 1990s, Bayesian methods have been proposed for a large and growing number of applications. One of the main advantages of Bayesian inference is the ability to deal with many different sources of uncertainty, including data, models, parameters and parameter restriction uncertainties, in a unified and coherent framework. This book contributes to this literature by collecting a set of carefully evaluated contributions that are grouped amongst two topics in financial economics. The first three papers refer to macro-finance issues for real economy, including the elasticity of factor substitution (ES) in the Cobb–Douglas production function, the effects of government public spending components, and quantitative easing, monetary policy and economics. The last three contributions focus on cryptocurrency and stock market predictability. All arguments are central ingredients in the current economic discussion and their importance has only been further emphasized by the COVID-19 crisis.
Book Synopsis Prediction and Causality in Econometrics and Related Topics by : Nguyen Ngoc Thach
Download or read book Prediction and Causality in Econometrics and Related Topics written by Nguyen Ngoc Thach and published by Springer Nature. This book was released on 2021-07-26 with total page 691 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the ultimate goal of economic studies to predict how the economy develops—and what will happen if we implement different policies. To be able to do that, we need to have a good understanding of what causes what in economics. Prediction and causality in economics are the main topics of this book's chapters; they use both more traditional and more innovative techniques—including quantum ideas -- to make predictions about the world economy (international trade, exchange rates), about a country's economy (gross domestic product, stock index, inflation rate), and about individual enterprises, banks, and micro-finance institutions: their future performance (including the risk of bankruptcy), their stock prices, and their liquidity. Several papers study how COVID-19 has influenced the world economy. This book helps practitioners and researchers to learn more about prediction and causality in economics -- and to further develop this important research direction.
Book Synopsis The Selected Essays of Richard G. Lipsey: Microeconomics, growth and political economy by : Richard G. Lipsey
Download or read book The Selected Essays of Richard G. Lipsey: Microeconomics, growth and political economy written by Richard G. Lipsey and published by . This book was released on 1997 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Elasticity of Substitution and Economic Growth by : Kiew Ling Pui
Download or read book Elasticity of Substitution and Economic Growth written by Kiew Ling Pui and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Biased Technical Change and Economic Conservation Laws by : Ryuzo Sato
Download or read book Biased Technical Change and Economic Conservation Laws written by Ryuzo Sato and published by Springer Science & Business Media. This book was released on 2006-06-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Productivity of inputs is an important determinant of the competitiveness of firms in national and international markets. Productivity growth arises from deliberate decisions to innovate but the technological opportunities could be such that different inputs would have different rates of growth. Previous literature has mostly concentrated on labor productivity but empirical studies indicate that productivity of capital is also increasing. One of the objectives of this book is to examine the difference or bias in the productivity growth of the two inputs. In this book, application of this general approach to study of biased technical change is developed and new empirical results presented for both macroeconomies and microeconomic firms.
Book Synopsis Technological Change, Economies of Scale, Traded Intermediate Products, and Substitution Between Energy and Non-energy Inputs in the U.S. Manufacturing Sector by : Ali Haji Mohamadzadeh
Download or read book Technological Change, Economies of Scale, Traded Intermediate Products, and Substitution Between Energy and Non-energy Inputs in the U.S. Manufacturing Sector written by Ali Haji Mohamadzadeh and published by . This book was released on 1982 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis TURKISH ECONOMIC ASSOCIATION INTERNATIONAL CONFERENCE ON ECONOMICS ICE-TEA 2018 by : Ercan Uygur
Download or read book TURKISH ECONOMIC ASSOCIATION INTERNATIONAL CONFERENCE ON ECONOMICS ICE-TEA 2018 written by Ercan Uygur and published by Türkiye Ekonomi Kurumu. This book was released on 2018-12-31 with total page 2118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Identifying the elasticity of substitution with biased technical change by : Miguel A. León-Ledesma
Download or read book Identifying the elasticity of substitution with biased technical change written by Miguel A. León-Ledesma and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Diminishing Returns of Technology by : Orio Giarini
Download or read book The Diminishing Returns of Technology written by Orio Giarini and published by Pergamon. This book was released on 1978 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on the internal limits and trends of economic growth deriving from the diminishing investment returns of technology - following an outline of historical links between economic growth and technological change (esp. In times of economic recession), examines the production function and other aspects of economic theory (incl. Productivity and efficiency) regarding innovations in technology, and includes considerations on the future of postindustrial society. Bibliography after each chapter, diagrams, graphs and statistical tables.
Book Synopsis The Role of the Elasticity of Substitution in Economic Growth by :
Download or read book The Role of the Elasticity of Substitution in Economic Growth written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
