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Technological revolutions

Caselli, Francesco (1999) Technological revolutions. American Economic Review, 89 (1). pp. 78-102. ISSN 0002-8282

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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
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Journal of Economic Literature Classification System: 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
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Departments > Economics
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 27 Mar 2008 16:46
URL: http://eprints.lse.ac.uk/3915/

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