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Jobless Growth: Appropriability, Factor Substitution, and Unemployment

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Ricardo J. Caballero
Mohamad L. Hammour

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Abstract

A central determinant of the political economy of capital-labor relations is the appropriability of specific quasi-rents. " This paper is concerned with the general-equilibrium interaction of appropriability and characteristics of technology namely, the embodiment of technology in capital and capital-labor substitutability in the technological menu. Technological embodiment means that the supply of capital is effectively much less elastic in the short than in the long run, and is therefore more exposed to appropriability; technology choice implies that an attempt at appropriating capital will induce a substitution away from labor in the long run, and constitutes a mechanism to thwart appropriation. Shifts in European labor relations in the last three decades offer a good laboratory to explore the empirical relevance of those mechanisms. The evolution of the labor share, the profit rate, the capital/output ratio, and unemployment which we examine more particularly in the case of France appears highly supportive.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6221.

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Date of creation: Oct 1997
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Handle: RePEc:nbr:nberwo:6221

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E0 - Macroeconomics and Monetary Economics - - General
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment

References listed on IDEAS
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  1. David Coe & Dennis Snower, 1996. "Policy Complementarities: The Case for Fundamental Labor Market Reform," Archive Discussion Papers 9625, Birkbeck, Department of Economics.
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  2. Saint-Paul, G., 1993. "On the Political Economy of Labor Market Flexibility," DELTA Working Papers 93-02, DELTA (Ecole normale supérieure).
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  3. Mark Keese & Gérard Salou & Pete Richardson, 1991. "The Measurement of Output and Factors of Production for the Business Sector in OECD Countries (The OECD Business Sector Database)," OECD Economics Department Working Papers 99, OECD, Economics Department. [Downloadable!]
  4. Dale T. Mortensen, 1978. "Specific Capital and Labor Turnover," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 572-586, Autumn. [Downloadable!] (restricted)
  5. Lazear, Edward P, 1990. "Job Security Provisions and Employment," The Quarterly Journal of Economics, MIT Press, vol. 105(3), pages 699-726, August. [Downloadable!] (restricted)
  6. Wolff, Edward N, 1996. "The Productivity Slowdown: The Culprit at Last? Follow-Up on Hulten and Wolff," American Economic Review, American Economic Association, vol. 86(5), pages 1239-52, December. [Downloadable!] (restricted)
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