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Global Technology Stagnation

Author

Listed:
  • Takahashi, Yuta

    (Hitotsubashi University)

  • Takayama, Naoki

    (Hitotsubashi University)

Abstract

In the last two decades, economic growth has slowed down across developed countries. This paper investigates the role of technology specific to durable consumption and equipment goods in this global slowdown. We present evidence that technological stagnation in these sectors has prevailed globally over the past two decades. Using an extended Ramsey growth model as an accounting device, we find that this global technology stagnation can substantially account for the economic slowdown across developed countries through the capital deepening effect, rather than TFP.

Suggested Citation

  • Takahashi, Yuta & Takayama, Naoki, 2025. "Global Technology Stagnation," SocArXiv ek5t6_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:ek5t6_v1
    DOI: 10.31219/osf.io/ek5t6_v1
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    References listed on IDEAS

    as
    1. Hulten, Charles R, 1992. "Growth Accounting When Technical Change Is Embodied in Capital," American Economic Review, American Economic Association, vol. 82(4), pages 964-980, September.
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    3. repec:ucp:bknber:9780226304557 is not listed on IDEAS
    4. Aum, Sangmin & Lee, Sang Yoon (Tim) & Shin, Yongseok, 2018. "Computerizing industries and routinizing jobs: Explaining trends in aggregate productivity," Journal of Monetary Economics, Elsevier, vol. 97(C), pages 1-21.
    5. Chad Syverson, 2017. "Challenges to Mismeasurement Explanations for the US Productivity Slowdown," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 165-186, Spring.
    6. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, January.
    7. Hugo Hopenhayn & Julian Neira & Rish Singhania, 2022. "From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share," Econometrica, Econometric Society, vol. 90(4), pages 1879-1914, July.
    8. Queralto, Albert, 2020. "A model of slow recoveries from financial crises," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 1-25.
    9. Charles I. Jones, 2022. "The Past and Future of Economic Growth: A Semi-Endogenous Perspective," Annual Review of Economics, Annual Reviews, vol. 14(1), pages 125-152, August.
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    Cited by:

    1. Shinnosuke KIKUCHI, 2026. "Balassa-Samuelson in the Long Run: Qualitative Success, Quantitative Limits," Discussion papers 26012, Research Institute of Economy, Trade and Industry (RIETI).

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