Matches in SemOpenAlex for { <https://semopenalex.org/work/W1479907937> ?p ?o ?g. }
Showing items 1 to 83 of
83
with 100 items per page.
- W1479907937 abstract "It seems to be taken for granted by many commentators that the sharp decline in prices of computers, telecommunications equipment and software resulting from the technological improvements in the information and communications technology (ICT)-producing sector is good for jobs and is a major driving force behind the non-inflationary employment miracle and booming stock market in the latter half of the nineties in the U.S. and their recurrence since 2004. We show that, in our model, a technical improvement in the ICT-producing sector by itself cannot explain a simultaneous increase in employment and a risein firms’ valuation (or Tobin’s Q ratio). There are two cases. If the elasticity of equipment price (pI ) with respect to ICT-producing sector’s productivity is less than one, labor’s value marginal productivity increases thus pulling up the demand wage and expanding employment. However, the increased output by adding to the capital stock and thus driving down future capital rentals causes a decline in firms’ valuation, q per unit, even though Tobin’s Q (= q=pI ) is up. If the elasticity is greater than one, equipment prices fall so dramatically that labor’s value marginal productivity declines, employment in the ICT-using sector expands proportionately more than the increase in capital stock, thus raising future capital rentals, so both firms’ valuation and Tobin’s Q rise; but then real demand wage falls and employment contracts. The key to generating a booming stock market alongside employment expansion is to hypothesize that when technical improvement in the ICT-producing sector occurs, the market forms an expectation of future productivity gains to be reaped in the ICT-using sector. Then we can explain not only the stock market boom and associated rise in investment spending and employment in the period 1995-2000 but also the subsequent decline in employment, in Tobin’s Q and in investment spending in 2001, with consumption holding up well as productivity gains in the ICT-using sector were realized. An anticipation of a future TFP improvement in the ICT-using sector can once more play the role of raising the stock market." @default.
- W1479907937 created "2016-06-24" @default.
- W1479907937 creator A5034577050 @default.
- W1479907937 creator A5069794512 @default.
- W1479907937 date "2006-02-01" @default.
- W1479907937 modified "2023-09-27" @default.
- W1479907937 title "ICT-Producing Sector on Business Activity" @default.
- W1479907937 cites W1528876552 @default.
- W1479907937 cites W2151169308 @default.
- W1479907937 cites W3121177274 @default.
- W1479907937 cites W3122454653 @default.
- W1479907937 cites W3123275472 @default.
- W1479907937 cites W3125353795 @default.
- W1479907937 hasPublicationYear "2006" @default.
- W1479907937 type Work @default.
- W1479907937 sameAs 1479907937 @default.
- W1479907937 citedByCount "0" @default.
- W1479907937 crossrefType "posted-content" @default.
- W1479907937 hasAuthorship W1479907937A5034577050 @default.
- W1479907937 hasAuthorship W1479907937A5069794512 @default.
- W1479907937 hasConcept C10138342 @default.
- W1479907937 hasConcept C127413603 @default.
- W1479907937 hasConcept C136264566 @default.
- W1479907937 hasConcept C137757676 @default.
- W1479907937 hasConcept C139719470 @default.
- W1479907937 hasConcept C144133560 @default.
- W1479907937 hasConcept C145236788 @default.
- W1479907937 hasConcept C147176958 @default.
- W1479907937 hasConcept C162324750 @default.
- W1479907937 hasConcept C17744445 @default.
- W1479907937 hasConcept C186027771 @default.
- W1479907937 hasConcept C199539241 @default.
- W1479907937 hasConcept C204036174 @default.
- W1479907937 hasConcept C204983608 @default.
- W1479907937 hasConcept C2777388388 @default.
- W1479907937 hasConcept C67363961 @default.
- W1479907937 hasConcept C78519656 @default.
- W1479907937 hasConcept C85502023 @default.
- W1479907937 hasConceptScore W1479907937C10138342 @default.
- W1479907937 hasConceptScore W1479907937C127413603 @default.
- W1479907937 hasConceptScore W1479907937C136264566 @default.
- W1479907937 hasConceptScore W1479907937C137757676 @default.
- W1479907937 hasConceptScore W1479907937C139719470 @default.
- W1479907937 hasConceptScore W1479907937C144133560 @default.
- W1479907937 hasConceptScore W1479907937C145236788 @default.
- W1479907937 hasConceptScore W1479907937C147176958 @default.
- W1479907937 hasConceptScore W1479907937C162324750 @default.
- W1479907937 hasConceptScore W1479907937C17744445 @default.
- W1479907937 hasConceptScore W1479907937C186027771 @default.
- W1479907937 hasConceptScore W1479907937C199539241 @default.
- W1479907937 hasConceptScore W1479907937C204036174 @default.
- W1479907937 hasConceptScore W1479907937C204983608 @default.
- W1479907937 hasConceptScore W1479907937C2777388388 @default.
- W1479907937 hasConceptScore W1479907937C67363961 @default.
- W1479907937 hasConceptScore W1479907937C78519656 @default.
- W1479907937 hasConceptScore W1479907937C85502023 @default.
- W1479907937 hasLocation W14799079371 @default.
- W1479907937 hasOpenAccess W1479907937 @default.
- W1479907937 hasPrimaryLocation W14799079371 @default.
- W1479907937 hasRelatedWork W1492421097 @default.
- W1479907937 hasRelatedWork W1496194567 @default.
- W1479907937 hasRelatedWork W1515336879 @default.
- W1479907937 hasRelatedWork W1519256638 @default.
- W1479907937 hasRelatedWork W1542774163 @default.
- W1479907937 hasRelatedWork W1544990525 @default.
- W1479907937 hasRelatedWork W1577921282 @default.
- W1479907937 hasRelatedWork W1588116237 @default.
- W1479907937 hasRelatedWork W1966588298 @default.
- W1479907937 hasRelatedWork W2064162847 @default.
- W1479907937 hasRelatedWork W2068517078 @default.
- W1479907937 hasRelatedWork W2141099977 @default.
- W1479907937 hasRelatedWork W2188601991 @default.
- W1479907937 hasRelatedWork W2330805835 @default.
- W1479907937 hasRelatedWork W2337942736 @default.
- W1479907937 hasRelatedWork W3049526184 @default.
- W1479907937 hasRelatedWork W3122816617 @default.
- W1479907937 hasRelatedWork W3195859799 @default.
- W1479907937 hasRelatedWork W3209601441 @default.
- W1479907937 hasRelatedWork W191110644 @default.
- W1479907937 isParatext "false" @default.
- W1479907937 isRetracted "false" @default.
- W1479907937 magId "1479907937" @default.
- W1479907937 workType "article" @default.