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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. ...
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 ...
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 ...
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 ...