Przeglądaj według tematu "O40"
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The Digital Era, Viewed From a Perspective of Millennia of Economic Growth
(2018-04)I propose a synthetic theory of economic growth and technological progress over the entire human history. Based on this theory as well as on the analogies with three previous eras (the hunter-gatherer era, the agricultural ... -
The Hardware-Software Model: A New Conceptual Framework of Production, R&D, and Growth with AI
(2019-02)The article proposes a new conceptual framework for capturing production, R&D, and economic growth in aggregative models which extend their horizon into the digital era. Two key factors of production are considered: hardware, ... -
Automation, Partial and Full
(2020-04)When some steps of a complex, multi-step task are automated, the demand for human work in the remaining complementary sub-tasks goes up. In contrast, when the task is fully automated, the demand for human work declines. ... -
What Will Drive Long-Run Growth in the Digital Age?
(2021-07)This paper considers the prospective sources of long-run growth in the future. Historically, in the industrial era and at the early stage of the digital era (which began approximately in the 1980s) the main growth engine ... -
Are Ideas Really Getting Harder To Find? R&D Capital and the Idea Production Function
(2022-02)We supplement the 'Idea Production Function' (IPF) with measures of R&D capital. We construct a time series of R&D capital stock in the US (1968-2019) based on cumulated R&D investment. We estimate the IPF with patent ... -
R&D Capital : An Engine of Growth
(2022-05-10)Research and development (R&D) requires not only skilled research work, but also dedicated machinery and equipment: R&D capital. In this paper I demonstrate that R&D, producing labor-augmenting ideas, and the accumulation ... -
Hardware and Software over the Course of Long-Run Growth: Theory and Evidence
(2023-09)Output is generated through purposefully initiated physical action. Production needs energy and information, provided by respective factors: hardware (“brawn”), including physical labor and physical capital, and software ...
