Factor Markets, Endogenous Growth, and the Productivity Slowdown

该项目旨在根据各种现实因素市场不完善来解释长期和中期生产率动态。在内生增长模型中，生产率动态是由私人投资于物质资本或知识的最优决策驱动的。物质资本和新知识等积累要素的收入占比越低，意味着储蓄而非消费的动机越低，如果私人最优投资决策是增长的引擎，那么生产率增长就会越慢。收入份额反过来又可以根据不完全竞争因素市场相互作用来解释。本研究将寻求对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较高。这可以从要素市场结构的变化来解释，在工会化的劳动力市场和自然资源市场的卡特尔化中，内部人权力的作用尤为突出。

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.