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• W2159651521 abstract "Abstract The conditions for a productivity slowdown to take place simultaneously with accelerated technical change are investigated in a simple putty-clay macro model of the Johansen type. A capacity distribution such that the resulting supply curve is concave at the scrapping margin means a high likelihood of a reversed relation. The relation between growth rates of wages and output is crucially dependent on the tail elasticity of the capacity distribution. The need in a putty-clay economy to scrap in order to transfer labor to new investment is the key mechanism. The model emphasizes the decisive role of past investment in shaping the current relation between technical change and productivity growth." @default.
• W2159651521 created "2016-06-24" @default.
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• W2159651521 date "2000-11-01" @default.
• W2159651521 modified "2023-09-24" @default.
• W2159651521 title "Productivity slowdown due to scarcity of capital to scrap in a putty-clay model" @default.
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• W2159651521 doi "https://doi.org/10.1016/s0165-1765(00)00266-4" @default.
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