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- W3122416283 abstract "We provide industry-level estimates of the elasticity of substitution (?) between capital and labor in the US economy. We also estimate rates of factor-augmentation. Aggregate estimates are produced using the same data. Our empirical model comes from the first-order conditions associated with a CES production function. Our data represents 35 industries at roughly the 2-digit SIC level from 1960 to 2005 and covers the entire US economy. We find that aggregate US ? is less than unity and perhaps less than 0.5.The same is likely true for the large majority of individual industries. We find no consistent and/or systematic evidence that aggregate ? is either greater or less than the value-added share-weighted average of industry ?s. Also, there is still considerable variation across the industry-level ? point estimates. Technical change in the aggregate appears to be net labor-augmenting. However, at the industry-level there is little evidence that the type of technical change is uniform across industries. For many individual industries, technical change may be characterized by net capital-augmentation." @default.
- W3122416283 created "2021-02-01" @default.
- W3122416283 creator A5016071092 @default.
- W3122416283 date "2010-01-01" @default.
- W3122416283 modified "2023-09-27" @default.
- W3122416283 title "US Elasticities of Substitution and Factor-Augmentation at the Industry Level" @default.
- W3122416283 hasPublicationYear "2010" @default.
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