Fixed Investment and the Technology Gap in the UK

Michael Beenstock () and Chris Whitbread

No 229, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: United Kingdom investment is explained in terms of the international diffusion of technology, where the United States is assumed to be a technological leader and the United Kingdom a technological laggard. The gap between United Kingdom and United States capital-labor ratios is decomposed into four components: an adjustment gap, an information gap, an appropriate technology gap and a resistance gap. The factors that might influence the gap are hypothesized and it is found that the model gives a reasonable account of business investment since 1960.

Keywords: Aggregate Investment; Neo classical Investment; Technology; Trade Unions (search for similar items in EconPapers)
Date: 1988-03

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