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Technological revolutions

Caselli, Francesco ORCID: 0009-0001-5191-7156 (1999) Technological revolutions. American Economic Review, 89 (1). pp. 78-102. ISSN 0002-8282

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Identification Number: 10.1257/aer.89.1.78

Abstract

In skill-biased (deskilling) technological revolutions, learning investments required by new machines are greater (smaller) than those required by preexisting machines. Skill-biased (deskilling) revolutions trigger reallocations of capital from slow- (fast-) to fast- (slow-) learning workers, thereby reducing the relative and absolute wages of the former. The model of skill-biased (deskilling) revolutions provides insight into developments since the mid-1970s (in the 1910s). The empirical work documents a large increase in the interindustry dispersion of capital-labor ratios since 1975. Changes in industry capital intensity are related to the skill composition of the labor force.

Item Type: Article
Official URL: http://www.aeaweb.org/aer
Additional Information: © 1999 American Economic Association
Divisions: Centre for Economic Performance
Economics
Subjects: H Social Sciences > HB Economic Theory
JEL classification: J - Labor and Demographic Economics > J3 - Wages, Compensation, and Labor Costs > J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc.
O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O33 - Technological Change: Choices and Consequences; Diffusion Processes
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E23 - Production
Date Deposited: 27 Mar 2008 16:46
Last Modified: 01 Oct 2024 03:30
URI: http://eprints.lse.ac.uk/id/eprint/3915

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