English, Article, Journal or magazine article edition: Labor's Shares – Aggregate and Industry:Accounting for Both in a Model of Development with Induced Innovation Hernando Zuleta; Andrew T. Young

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/30174
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Labor's Shares – Aggregate and Industry:Accounting for Both in a Model of Development with Induced Innovation
Author
  • Hernando Zuleta
  • Andrew T. Young
Physical Description
  • preprint
Notes
  • The relative stability of aggregate labor's share constitutes one of the great macroeconomic ratios. However, changes in individual industry labor's shares are essentially statistically independent of one another, and the average values of industry labor's shares vary widely. We present a two-sector model of economic development with induced innovation that can rationalize these phenomena as well as several other empirical regularities of real economies. Specifically, the model can account for (i) manufacturing industries becoming increasingly capital-intensive over time despite (ii) an increase in the relative price and share in total output of service industries; (iii) aggregate labor's share remains within a narrow range despite (iv) individual industry labor's shares being uncorrelated with one another over time. In the long-run the model economy can attain either a neoclassical steady-state or endogenous growth, giving it the potential to account for a wide range of real world development experiences.
  • : Labor's Share, Factor Shares, Development, Biased Technical Change
  • RePEc:red:sed006:112
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment