The labour-share decrease and the technological-knowledge increase

Oscar Afonso, Catarina Almeida and Paulo B. Vasconcelos

Applied Economics Letters, 2020, vol. 27, issue 12, 982-986

Abstract: We extend the R&D-growth literature by considering an endogenous labour share of the aggregate income to analyse the effects on macroeconomic aggregates. Up to the stable and unique steady-state, the share of skilled workers in the R&D sector first has an instantaneous drop and then starts to increase, the economic-growth rate and the skill-premium increase, and the labour share of the aggregate income decreases due to automation.

Date: 2020
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DOI: 10.1080/13504851.2019.1650883

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