Biased Technical Change And Economic Conservation Laws

by Sato, Ryuzo

• ISBN13: 9780387260556
• ISBN10: 0387260552
• Format: Hardcover
• Copyright: 2006-02-28
• Publisher: Springer Verlag

Summary

Productivity of inputs is an important determinant of the competitiveness of firms in national and international markets. Productivity growth arises from deliberate decisions to innovate but the technological opportunities could be such that different inputs would have different rates of growth. Previous literature has mostly concentrated on labor productivity but empirical studies indicate that productivity of capital is also increasing. One of the objectives of this book is to examine the difference or bias in the productivity growth of the two inputs. In this book, application of this general approach to study of biased technical change is developed and new empirical results presented for both macroeconomies and microeconomic firms.

Author Biography

Ryuzo Sato is the C.V. Starr Professor of Economics and the director of the Center for Japan-U.S. Business and Economic Studies at the New York University Stern School of Business. In his current position, Dr. Sato teaches an MBA course in the comparative analysis of the Japanese and United States economies, an Undergraduate course ISP (International Studies Project,) and a Ph.D. level course on economic growth and technological change.Dr. Sato has been with NYU Stern for more than 15 years. His primary areas of research interest are: economic growth, technical change, differential games, international business and United States-Japan relations.

Table of Contents

Preface ix
Chapter 1 An Overview	1	(22)
1. Introduction:	1	(7)
A Short History of Biased Technical Change
A Short History of Economic Conservation Laws
2. Survey of Chapters	8	(15)
Part One: Biased Technical Change	23	(98)
Chapter 2 The Stability of the Solow-Swan Model with Biased Technical Change	25	(6)
Chapter 3 A Model of Optimal Economic Growth with Endogenous Bias	31	(18)
Chapter 4 A Three Sector Model of Endogenous Hicksian Bias	49	(14)
Chapter 5 Estimation of Biased Technical Progress	63	(32)
Chapter 6 A Note on Modelling Endogenous Growth	95	(8)
Chapter 7 Technical Change and International Competition	103	(18)
Part Two: Economic Conservation Laws	121	(80)
Chapter 8 Optimal Economic Growth: Test of Income/Wealth Conservation Laws in OECD Countries	123	(24)
Chapter 9 Economic Conservation Laws as Indices of Corporate Performance	147	(32)
Comments by Thomas Mitchell, "Conservation Laws for Microeconomists	173	(6)
Chapter 10 Empirical Tests of the Total Value Conservation Law of the Firm	179	(10)
Chapter 11 Hartwick's Rule and Economic Conservation Laws	189
Appendix: Dynamic Symmetries and Economic Conservation Laws
(Reprint of Chapter 7, Sections I, II & III of Ryuzo Sato, Theory of Technical Change and Economic Invariance, E. Elgar, 1999)	201	(24)
Index	225