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Patterns of technical change: a geometrical analysis using the wage-profit rate schedule

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  • Fabrizio Ferretti

Abstract

In this paper we examine some basic stylized facts of economic growth according to the modern restatement of the classical theory of income distribution. In particular, we make use of a wage-profit frontier in order to explore the patterns of technical change experienced by a set of 18 industrialized economies, during the last 40 years. Our main purpose is to document the evolution of technical change. Using empirical evidence from the Italian industry, we also make an attempt to provide an explanation to data from a classical perspective, alternative to the standard approach founded on the aggregate production function.

Suggested Citation

  • Fabrizio Ferretti, 2008. "Patterns of technical change: a geometrical analysis using the wage-profit rate schedule," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(5), pages 565-583.
  • Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:565-583
    DOI: 10.1080/02692170802287581
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    Citations

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    Cited by:

    1. Strohmaier, R. & Rainer, A., 2016. "Studying general purpose technologies in a multi-sector framework: The case of ICT in Denmark," Structural Change and Economic Dynamics, Elsevier, vol. 36(C), pages 34-49.
    2. Marquetti, Adalmir & Porsse, Melody de Campos Soares, 2014. "Patrones de progreso técnico en la economía brasileña, 1952-2008," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    3. repec:eme:rpeczz:s0161-723020170000032006 is not listed on IDEAS
    4. Vaona, Andrea, 2011. "Profit rate dynamics, income distribution, structural and technical change in Denmark, Finland and Italy," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 247-268, September.
    5. Sangjun Jeong, 2017. "Biased Technical Change and Economic Growth: The Case of Korea, 1970–2013," Research in Political Economy,in: Return of Marxian Macro-Dynamics in East Asia, volume 32, pages 81-103 Emerald Publishing Ltd.
    6. Marquetti, Adalmir & Porsse, Melody de Campos Soares, 2014. "Patterns of technical progress in the Brazilian economy, 1952-2008," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.

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