Factor Markets, Endogenous Growth, and the Productivity Slowdown

要素市场、内生增长和生产率放缓

• 批准号: 9209182
• 负责人: Giuseppe Bertola
• 金额: $ 5.31万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1992
• 资助国家: 美国
• 起止时间: 1992-07-15 至 1994-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9209182&HistoricalAwards=false
• 关键词: Factor; Markets; Endogenous; Growth; Productivity

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.

该项目旨在根据各种现实的要素市场缺陷来解释长期和中期的生产率动态。在内生增长模型中，生产率动态是由私人投资于实物资本或知识的最优决策驱动的。实物资本和新知识等积累因素的收入份额较低，意味着储蓄而不是消费的动机较弱，如果私人最优投资决策是增长引擎，生产率增长也会放缓。反过来，收入份额可以根据不完全竞争的要素市场互动来解释。这项研究将寻求对1973年后全球生产率放缓的解释。20世纪70年代，自然资源和劳动力等非积累生产要素在全球生产中所占份额更高。这可以从要素市场结构的变化来解释，内部力量在工会劳动力市场和自然资源市场卡特尔中的作用突出。