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Embodied technological change learning-by-doing and the productivity slowdown

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Author Info
Raouf BOUCEKKINE () (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) and UNIVERSITE CATHOLIQUE DE LOUVAIN, Center for Operations Research and Econometrics (CORE))
Fernando DEL RIO () (Universidad de Santiago de Composela)
Omar LICANDRO () (European University Institute (Florence-Italy) and FEDEA (Madrid-Spain))

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Abstract

The productivity slowdown faced by the US economy since the first oil shock has been associated with a rise in the decline rate of the relative price of equipment and a reduction in the rate of disembodied technical change. We build up a growth model in which learning-by-doing is the engine of both embodied and disembodied technological progress. A change in the relative efficiency of learning-by-doing from the consumption to the investment sector is shown to imply a technological reassignment consistent with the above mentioned evidence. This result derives from the interaction between the obsolescence costs inherent to embodiment and the learning-by-doing engine.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper with number 2002028.

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Length: 15
Date of creation: 29 May 2002
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Handle: RePEc:ctl:louvir:2002028

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Related research
Keywords: Embodied technical progress Obsolescence Learning-by-doing Productivity slowdown

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  2. Hsieh, Chang-Tai, 2001. "Endogenous growth and obsolescence," Journal of Development Economics, Elsevier, vol. 66(1), pages 153-171, October. [Downloadable!] (restricted)
  3. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-61, May. [Downloadable!] (restricted)
  4. Hercowitz, Zvi, 1998. "The 'embodiment' controversy: A review essay," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 217-224, February. [Downloadable!] (restricted)
  5. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "The Importance of the Embodied Question Revisited," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 1999026, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  6. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
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  7. Krusell, Per, 1998. " Investment-Specific R&D and the Decline in the Relative Price of Capital," Journal of Economic Growth, Springer, vol. 3(2), pages 131-41, June. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Raouf, BOUCEKKINE & Cagri, SAGLAM & Thomas, VALLEE, 2002. "Technology adoption under embodiment : A two-stage optimal control approach," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2003007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
    Other versions:
  2. Gabriel J. Felbermayr & Omar Licandro, . "The underestimated virtues of the two-sector AK model," Working Papers 2003-13, FEDEA. [Downloadable!]
    Other versions:
  3. Gabriel J Felbermayr & Omar Licandro, 2002. "Embodied technical change in a two-sector AK model," Macroeconomics 0210001, EconWPA. [Downloadable!]
  4. Raouf, BOUCEKKINE & Marc, GERMAIN, 2007. "Impacts of emission reduction policies in a multi-regional multi-sectoral small open economy with endogenous growth," Université catholique de Louvain, Département des Sciences Economiques Working Paper 2007010, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
  5. Raouf BOUCEKKINE & Fernando DEL RIO & Omar LICANDRO, 2002. "Obsolescence and Modernization in the Growth Process," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2002043, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  6. Eva, MORENO-GALBIS, 2004. "Unemployment and Endogenous Growth with Capital-Skill Complementarity," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2004001, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  7. Gabriel Felbermayr, 2004. "Specialization on a technologically atagnant aector need not be bad for growth," Economics working papers 2004-02, Department of Economics, Johannes Kepler University Linz, Austria. [Downloadable!]
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  8. R. Boucekkine & H.C. Saglam & T. Vallee, 2002. "Optimal switching time of technologies," Computing in Economics and Finance 2002 64, Society for Computational Economics. [Downloadable!]
  9. Raouf Boucekkine & Blanca Martínez & CARGI SAGLAM, 2003. "The Development Problem Under Embodiment," Working Papers. Serie AD 2003-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  10. Eva, MORENO-GALBIS & Henri R., SNEESSENS, 2004. "Low-Skilled Unemployment, Capital-Skill Complementarity and Embodied Technical Progress," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2004025, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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