scholarly journals Factor Substitution and Factor Augmenting Technical Progress in the Us: A Normalized Supply-Side System Approach

2004 ◽  
Author(s):  
Rainer Klump ◽  
Peter McAdam ◽  
Alpo Willman
Keyword(s):  
Technical Progress ◽  
System Approach ◽  
Supply Side ◽  
The Us ◽  
Factor Substitution

The Effect of New Deal Policies Revisited

2020 ◽  
Author(s):  
Yangyang Ji
Keyword(s):  
New Deal ◽  
Aggregate Demand ◽  
American Economic Review ◽  
Supply Side ◽  
Natural Rate ◽  
Jel Codes ◽  
The Great Depression ◽  
Us Economy ◽  
The Us ◽  
The New Deal

Abstract Eggertsson (2012, American Economic Review, 102, 524–55) finds that when the nominal interest rate hits the zero lower bound, the aggregate demand (AD) curve becomes upward-sloping and supply-side policies that reduce the natural rate of output, such as the New Deal implemented in the 1930s, are expansionary. His analysis is restricted to a conventional equilibrium where the AD curve is steeper than the aggregate supply (AS) curve. Recent research, however, demonstrates that an alternative equilibrium arises if the AD curve is flatter than the AS curve. In that case, the same policies become contractionary. In this article, I allow for both possibilities, and let data decide which equilibrium the US economy actually resided in during the Great Depression. Following the work of Blanchard and Quah (1989, American Economic Review, 79, 655–73), I find that there is a high probability that New Deal policies were contractionary. (JEL codes: E32, E52, E62, N12).

scholarly journals The Dynamics of Google within the Frame of a Large Technical System

MaRBLe ◽  
2019 ◽  
Vol 2 ◽  
Author(s):  
Julian Johannes Schäfer
Keyword(s):  
Complex System ◽  
Conceptual Understanding ◽  
Exponential Growth ◽  
Science And Technology Studies ◽  
System Approach ◽  
Science And Technology ◽  
Technical System ◽  
System Structure ◽  
Theoretical Frameworks ◽  
The Us

The Large Technical System approach was introduced by the influential historian of technology, Thomas P. Hughes, in the 1970’s and is one of the most prominent theoretical frameworks within the Science and Technology Studies. However, it has found little attention in relation to the digital realm. This research applies the LTS framework onto the US-American company Google and seeks to bring a conceptual understanding to the company’s exponential growth. Thus, it describes the emergence and evolution of Google as a complex system – an alignment of components of technical and non-technical nature – and assigns patterns and concepts to its development. This research provides an answer to how Google not only gained a system structure but also reached the notion of momentum. Yet, suggesting a social constructivist path, this paper secludes by elucidating the influencing power of the LTS’s user – an important factor which was widely disregarded in the initial works of Hughes.

Campaign finance legislation and the supply-side of the revolving door

2019 ◽  
pp. 1-15
Author(s):  
Simon Weschle
Keyword(s):  
Campaign Finance ◽  
Campaign Spending ◽  
Revolving Door ◽  
Supply Side ◽  
Demand Side ◽  
Difference In Differences ◽  
Institutional Factor ◽  
Citizens United ◽  
Us States ◽  
The Us

Abstract Existing research on the revolving door examines why employers hire former politicians. I complement this demand-side approach by demonstrating the importance of the supply-side. In particular, I argue that one important institutional factor that shapes politicians' willingness to leave office for a private sector job is campaign finance legislation. Less restrictive rules increase campaign spending for incumbents, which makes revolving door employment less attractive. Empirically, I use novel data from the US states and a difference-in-differences design to show that the exogenous removal of campaign finance legislation through Citizens United reduced the probability that incumbents left office to work as lobbyists. The supply-side approach provides insights into comparative differences in the prevalence of the revolving door.

The price of energy and factor substitution in the US economy

1987 ◽  
Vol 9 (3) ◽  
pp. 159-166 ◽  
Author(s):  
J.V. Greenman ◽  
L.P. Drollas
Keyword(s):  
Us Economy ◽  
The Us ◽  
Factor Substitution

scholarly journals Endogenous Technical Progress in the Theory of Economic Growth

2014 ◽  
Vol 2014 ◽  
pp. 1-5 ◽  
Author(s):  
Vladimir N. Pokrovskii
Keyword(s):  
Economic Growth ◽  
Technical Progress ◽  
Capital Stock ◽  
Production Equipment ◽  
Us Economy ◽  
Production Processes ◽  
The Us ◽  
Endogenous Technical Progress ◽  
Theoretical Results

It is shown that substitutive work, which can be defined as work of production equipment (capital stock) replacing the efforts of workers in production processes, can be considered as a measure of technical progress. The methods of estimation of substitutive work are discussed. The theoretical results are illustrated on the data for the US. economy.

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