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Labour-augmenting technical change data for alternative elasticities of substitution, growth, slowdown, and distribution dynamics

Author

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  • Ziesemer, Thomas

    (UNU-MERIT, Maastricht University)

Abstract
We solve the standard production function with constant elasticity of substitution (CES) for its labour augmenting technology term. We make capital stock data and insert them together with data from Penn World Tables (PWT9.1). This provides labour augmenting technology levels and growth rates for alternative elasticities of substitution for 70 countries, 1950-2017. The percentage growth rates of labour-augmenting technical change (LATC) are shown to fall over time (productivity slowdown) for all elasticity values in a panel data analysis. They converge to a panel average of 2.67% and 1% depending on the inclusion of human capital and the elasticity of substitution assumed. The standard growth result of a GDP growth rate equal to that of LATC and labour input holds only for LATC based on low elasticities of substitution indicating that the economies are not in steady-states. The correlation of LATC growth rates with total factor productivity growth from PWT9.1 is strongest (0.893) for LATC data based on an elasticity of substitution of 0.8. Matching the labour/capital share ratios from CES functions with those of PWT9.1 reveals a range of elasticities of substitution for each country, mostly between 0.8 and 1.2 or somewhat lower for developing countries. If the MPL-to-wage ratio is 1.6, the elasticities of substitution vary around 0.8. Using the human-capital corrected LATC growth with CES = 0.8, 13 of 69 countries have a productivity slowdown defined as growth rate below mean in the long run; the USA is not among them indicating that the US productivity slowdown is mainly one of human capital. Dynamics of coefficient of variation and kernel density distributions for LATC growth rates shows that there is neither technological convergence nor divergence.

Suggested Citation

  • Ziesemer, Thomas, 2021. "Labour-augmenting technical change data for alternative elasticities of substitution, growth, slowdown, and distribution dynamics," MERIT Working Papers 2021-003, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    • Handle: RePEc:unm:unumer:2021003
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    Cited by:

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    2. Thomas H.W. Ziesemer, 2024. "Internal rates of return for public R&D from VECM estimates for 17 OECD Countries," Economic Change and Restructuring, Springer, vol. 57(5), pages 1-16, October.
    3. Bailey, Andrew & Cesa-Bianchi, Ambrogio & Garofalo, Marco & Harrison, Richard & McLaren, Nick & Sajedi, Rana & Piton, Sophie, 2023. "Structural change, global R* and the missing-investment puzzle," Bank of England working papers 997, Bank of England.
    4. Thomas H. W. Ziesemer, 2022. "Foreign R&D spillovers to the USA and strategic reactions," Applied Economics, Taylor & Francis Journals, vol. 54(37), pages 4274-4291, August.
    5. Thomas H.W. ZIESEMER, 2024. "Estimation Of A Production Function Of Brazil With Domestic And Foreign Capital Stock, 1991-2017," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 24(2), pages 103-128.
    6. Antonelli, Cristiano & Tubiana, Matteo, 2023. "The rate and direction of technological change and wealth and income inequalities in advanced countries," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    7. Habiyaremye, Alexis & Jacobs, Peter & Molewa, Olebogeng & Lekomanyane, Pelontle, 2021. "Macroeconomic stimulus packages and income inequality in developing countries: Lessons from the 2007-9 Great Recession for the Covid-19 crisis in South Africa," MERIT Working Papers 2021-006, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. Thomas H. W. Ziesemer, 2024. "Mission-oriented R&D and growth of Japan 1988–2016: a comparison with private and public R&D," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 33(2), pages 218-247, February.
    9. Cesa-Bianchi, Ambrogio & Harrison, Richard & Sajedi, Rana, 2022. "Decomposing the drivers of Global R," Bank of England working papers 990, Bank of England.
    10. Samuele Ialenti & Guido Pialli, 2024. "The increase in the elasticity of substitution between capital and labour: a repeated cross-country investigation," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 33(3), pages 380-400, April.
    11. Cristiano Antonelli & Gianluca Orsatti & Guido Pialli, 2023. "The knowledge-intensive direction of technological change," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(1), pages 1-27, March.

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    More about this item

    Keywords

    technical change; growth; productivity slowdown; convergence;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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