Embodied Technological Change, Learning‐by‐doing and the Productivity Slowdown
(2003) The Scandinavian journal of economics — Vol. 105, n° 1, p. 87-98 (2003)
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- Abstract
- The productivity slowdown in the US economy since the first oil shock has recently been associated with a larger decline rate of the relative price of equipment investment and a smaller rate of disembodied technical change. We set up a growth model in which learning‐by‐doing is the engine of both embodied and disembodied technological progress. A shift 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 in embodiment and the learning‐by‐doing engine.
- Affiliations
Universidade de Santiago de Compostela European University Institute
Citations
Boucekkine, R., del Rio, F., & Licandro-Goldaracena, O. (2003). Embodied Technological Change, Learning‐by‐doing and the Productivity Slowdown. The Scandinavian journal of economics, 105(1), 87-98. https://doi.org/10.1111/1467-9442.00006 (Original work published 2003)