Factor Markets, Endogenous Growth, and the Productivity Slowdown

该项目旨在解释长期和中期生产力 根据各种现实要素市场的不完善性动态。 在内生增长模型中，生产率动态由以下因素驱动： 私人最佳决策，投资于实物资本， 知识 收入份额较低的累积因素，如 物质资本和新知识意味着较少的激励， 储蓄而不是消费，如果私营部门的生产率增长放缓， 最佳投资决策是增长的引擎。 收入 股票可以反过来解释在光不完全竞争 要素市场互动。 本研究将在全球范围内寻求对1973年后的解释 生产率放缓。 非积累的生产要素，如 自然资源和劳动力在世界范围内所占的份额更高 70年代的生产。 这可以用变化来解释 在要素市场结构中，内部力量作用突出 在工会化劳动力市场和自然资源卡特尔化中 市场的

The project aims at interpreting long- and medium-run productivity dynamics in light of various realistic factor market imperfections. In endogenous growth models, productivity dynamics are driven by private optimal decisions to invest in physical capital or knowledge. A lower income share for accumulated factors such as physical capital and new knowledge implies lesser incentives to save rather than consume, and slower productivity growth if private optimal investment decisions are the engine of growth. Income shares may in turn be explained in light of imperfectly competitive factor market interactions. This research will seek interpretations for the post-1973 worldwide productivity slowdown. Non-accumulated production factors such as natural resources and labor enjoyed higher shares of worldwide production in the 1970s. This may be explained in terms of changes in factor market structure, with a prominent role for insider power in unionized labor markets and cartelization of natural resource markets.