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Publicação
Obsolescence and productivity
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Autores
Orientador(es)
Resumo(s)
The increase in the obsolescence of intangible capital caused by the adop- tion of new information technologies can play an important role in accounting for the productivity slowdown undergone by the US economy since 1974. To explore this hypothesis, we have developed a standard growth model with physical and intangi- ble capital in which technical progress is equipment–specific. We assume that the obsolescence of intangible capital increases when the equipment–specific techni- cal progress accelerates. The model is calibrated for the period 1957–1973 and the response of the economy to an increase in the rate of equipment–specific technical progress — as observed since 1974 — is simulated. We show that this setup can account for a large part of the post–1974 slowdown observed in productivity and in the Solow residual.
Descrição
Palavras-chave
Obsolescence Intangible capital Equipment–specific technical progress Productivity slowdown
Contexto Educativo
Citação
Rio, Fernando del e Antonio Sampayo (2014). "Obsolescence and productivity". Portuguese Economic Journal, 13(3):195-216
Editora
Springer Verlag