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Quantity or Quality: The Impact of Labor-Saving Innovation on US and Japanese Growth Rates, 1960-2004

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  • Ryuzo Sato

    (The Center for Japan-US Business and Economic Studies, New York University and Faculty of Economis, University of Tokyo)

  • Tamaki Morita

    (National Graduate Institute for Policy Studies)

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    Abstract

    This article deals with both theoretical and empirical analyses of the post-war period (1960-2004) for the United States and Japan. We investigated three factors contributing to growth: the growth rates of capital, labor, and labor-saving innovation. It is shown that in Japan, the growth rate of the labor force has been much less important than its quality improvement-i.e., labor-saving technical change-while in the US, the growth rate of labor and population has contributed more than their quality improvement. The policy implication here is Japan's declining population can be compensated for by additional quality improvement of the existing labor force.

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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf483.pdf
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    Bibliographic Info

    Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-483.

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    Length: 48 pages
    Date of creation: Mar 2007
    Date of revision:
    Handle: RePEc:tky:fseres:2007cf483

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    1. Susanto Basu & John G. Fernald, 1997. "Aggregate productivity and aggregate technology," International Finance Discussion Papers 593, Board of Governors of the Federal Reserve System (U.S.).
    2. Sato, Ryuzo & Ramachandran, Rama, 1987. "Factor Price Variation and the Hicksian Hypothesis: A Microeconomic Model," Oxford Economic Papers, Oxford University Press, vol. 39(2), pages 343-56, June.
    3. Jorgenson, Dale W. & Motohashi, Kazuyuki, 2005. "Information technology and the Japanese economy," Journal of the Japanese and International Economies, Elsevier, vol. 19(4), pages 460-481, December.
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