Frictionless technology diffusion: the case of tractors
In: NBER working paper series 9604
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In: NBER working paper series 9604
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 40, S. 293-300
ISSN: 0167-2231
In: American economic review, Band 104, Heft 9, S. 2736-2762
ISSN: 1944-7981
We reevaluate the role of human capital in determining the wealth of nations. We use standard human capital theory to estimate stocks of human capital and allow the quality of human capital to vary across countries. Our model can explain differences in schooling and earnings profiles and, consequently, estimates of Mincerian rates of return across countries. We find that effective human capital per worker varies substantially across countries. Cross-country differences in Total Factor Productivity (TFP) are significantly smaller than found in previous studies. Our model implies that output per worker is highly responsive to changes in TFP and demographic variables. (JEL E23, I25, J24, J31, O47)
In: American economic review, Band 104, Heft 4, S. 1368-1391
ISSN: 1944-7981
Many new technologies display long adoption lags, and this is often interpreted as evidence of frictions inconsistent with the standard neoclassical model. We study the diffusion of the tractor in American agriculture between 1910 and 1960—a well-known case of slow diffusion—and show that the speed of adoption was consistent with the predictions of a simple neoclassical growth model. The reason for the slow rate of diffusion was that tractor quality kept improving over this period and, more importantly, that only when wages increased did it become relatively unprofitable to operate the alternative, labor-intensive, horse technology. (JEL L62, N51, N52, N71, N72, O33, Q11)
In: Journal of economic dynamics & control, Band 21, Heft 1, S. 75-114
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 21, Heft 1, S. 1-22
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 19, Heft 8, S. 1405-1428
ISSN: 0165-1889
In: FRB St. Louis Working Paper No. 2020-46
SSRN
In: Journal of political economy, Band 101, Heft 3, S. 485-517
ISSN: 1537-534X
In: Journal of political economy, Band 101, Heft 3, S. 485
ISSN: 0022-3808
In: The Economic Journal, Band 98, Heft 389, S. 194