Working Paper Series
Productivity Deceleration when Technical Change Accelerate
Abstract: Leif Johansens short run macro production function is used
to explore the conditions for a productivity slowdown to take place
simultaneously with an accelerated technical change in production. A
capacity distribution such that the supply curve is concave at the
extensive margin considerably increases the likelihood of a reverse
relation. Changes in price expectations may further reinforce this
mechanism. Increasing costs of transferring labour to new investment is the
key mechanism behind the results. The mechanism emphasizes the decisive
role of past investmellt. and future price expectations in shaping the
relation between technical change and productivity growth.
Keywords: Missing; (follow links to similar papers)
JEL-Codes: A00; (follow links to similar papers)
80 pages, May 1991
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