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NotaPublicado: Dom Abr 26, 2015 6:42 pm 
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Registrado: Mié Jun 16, 2010 1:22 pm
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Nacionalidad: Argentina
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Abstract:

This paper analyzes equilibrium, dynamics, and optimal decisions on the factor bias of innovation
in a model of induced innovation. In a model with full employment, we show that (a) if the elasticity
of substitution is always less than or greater than unity, there is a unique steady state equilibrium; (b)
if the elasticity of substitution is less than unity, the steady state is stable, but convergence is oscillatory;
(c) if the elasticity of substitution is greater than unity, the steady state is a saddle point; and (d) if
the elasticity of substitution is less than unity for both high and low effective capital labor ratios but
greater than unity for intermediate values, then there can be multiple steady states. In a model where
efficiency wages lead to equilibrium unemployment, we show that if the elasticity of substitution is
less than unity, there will be a bias towards excessive labor augmenting innovation, resulting in too
high unemployment, with convergence to the unique steady state being oscillatory, rather than monotonic.
Similarly, if the elasticity of substitution between skilled and unskilled labor is less than unity, and
there is efficiency wage unemployment for unskilled labor only, there is will be excessively skill-biased
innovation.

Resumen:

In economic theory innovation should make workers more efficient — they can produce more for less — but it comes at the cost of lower skilled jobs as fewer people are required to produce the same amount of output.
However, (again in theory) the gains made by workers who remain in employment should be greater than the losses incurred by those who lose their jobs and their gains help drive more skilled job creation in other industries.
Unfortunately theory doesn't always fit neatly when confronted by reality. And Stiglitz claims this is exactly what has happened with innovation. As he puts it (emphasis added):
"The statement that such skill-biased innovation could be welfare enhancing is usually taken to mean that the gains of the skilled workers are more than sufficient to compensate the losses of the unskilled workers. But while the skilled workers could compensate the unskilled workers, such compensation seldom occurs."
Stiglitz argues that truly disruptive innovations, of the kind that drove the Industrial Revolution, require widespread economic restructuring to allow those who are being pushed out of an industry to locate alternatives. Sadly, he says, "markets often do not manage such restructurings well" leading to long periods of high unemployment and increased inequality.

Fuente: http://www.businessinsider.com/joe-stig ... s-2014-11/

Paper:

http://www.nber.org/papers/w20670.pdf

_________________
"El mundo es un lugar muy peligroso. No por las personas que hacen el mal, sino por los que se sientan a ver lo que pasa."
- Albert Einstein


"The difficulty lies not so much in developing new ideas as in escaping from the old ones."
- John Maynard Keynes.


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