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Technological Progress, Income Distribution, and Unemployment

Theory and Empirics

  • Hideyuki Adachi
  • Kazuyuki Inagaki
  • Tamotsu Nakamura
  • Yasuyuki Osumi

Part of the SpringerBriefs in Economics book series (BRIEFSECONOMICS)

Also part of the Kobe University Social Science Research Series book sub series (BRIEFSKUSSRS)

Table of contents

  1. Front Matter
    Pages i-xi
  2. Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 1-22
  3. Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 23-45
  4. Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 47-68
  5. Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 69-83
  6. Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 85-88
  7. Back Matter
    Pages 89-90

About this book

Introduction

This volume develops original methods of analyzing biased technological progress in the theory and empirics of economic growth and income distribution. Motivated by sharp increases in wage and income inequalities in the world since the beginning of the new century, many macroeconomists have begun to realize the importance of biased technological changes. However, the comprehensive explanations have not yet appeared. This volume analyzes the effects of factor-biased technological progress on growth and income distribution and shows that long-run trends of the capital-income ratio and capital share of income consistent with Piketty’s 2014 empirical results emerge. Incorporating the modified version of induced innovation theory into the standard neoclassical growth model, it also explains the long-run fluctuations of growth and income distribution consistent with the data shown in Piketty. Introducing a wage-setting function, the neoclassical growth model is modified to account for unemployment as well as to examine the dynamics of unemployment and the labor share of income under biased technological progress. Applying a new econometric method to Japanese industrial data, the authors test the key assumptions employed and important results derived in the theoretical part of this book.

Keywords

Labor-saving technological progress Capital-saving) technological progress Induced innovation Elasticity of substitution between labor and capital Labor (Capital) share of income Unemployment Efficiency coefficients

Authors and affiliations

  • Hideyuki Adachi
    • 1
  • Kazuyuki Inagaki
    • 2
  • Tamotsu Nakamura
    • 3
  • Yasuyuki Osumi
    • 4
  1. 1.Kobe UniversityKobe, HyōgoJapan
  2. 2.Nagoya City UniversityNagoya, AichiJapan
  3. 3.Kobe UniversityKobe, HyōgoJapan
  4. 4.University of HyogoKobe, HyōgoJapan

Bibliographic information

  • DOI https://doi.org/10.1007/978-981-13-3726-0
  • Copyright Information The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2019
  • Publisher Name Springer, Singapore
  • eBook Packages Economics and Finance
  • Print ISBN 978-981-13-3725-3
  • Online ISBN 978-981-13-3726-0
  • Series Print ISSN 2191-5504
  • Series Online ISSN 2191-5512
  • Buy this book on publisher's site