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- Title
Embodied Technological Change, Learning-by-doing and the Productivity Slowdown.
- Authors
Boucekkine, Raouf; del Río, Fernando; Licandro, Omar
- Abstract
Abstract The productivity slowdown in the US economy since the first oil shock has recently been associated with a larger decline rate of the relative price of equipment investment and a smaller rate of disembodied technical change. We set up a growth model in which learning-by-doing is the engine of both embodied and disembodied technological progress. A shift in the relative efficiency of learning-by-doing from the consumption to the investment sector is shown to imply a technological reassignment consistent with the above-mentioned evidence. This result derives from the interaction between the obsolescence costs inherent in embodiment and the learning-by-doing engine.
- Subjects
UNITED States; INDUSTRIAL productivity; ECONOMIC history
- Publication
Scandinavian Journal of Economics, 2003, Vol 105, Issue 1, p87
- ISSN
0347-0520
- Publication type
Article
- DOI
10.1111/1467-9442.00006