haku: @author Boone, J. / yhteensä: 9
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| Tekijä: | Boone, J. |
| Otsikko: | Technological progress, downsizing and unemployment |
| Lehti: | Economic Journal
2000 : JUL, VOL. 110:465, p. 581-600 |
| Asiasana: | ECONOMICS UNEMPLOYMENT TECHNOLOGY |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a model where the form of innovations is endogenous. It is shown that with labour market imperfections, which raise the wage above the shadow price of labour, firms over-invest in innovations cutting labour costs and under-invest in increasing quality. As a result, the market outcome features lower long run growth, higher unemployment and lower welfare than the social optimum. It is further shown that a firm's incentives to cut labour costs are increased as wages rise and as the firm declines. |
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