Chapter 18 Investment, Technical Progress, and the Consequences of the Global Economic Crisis

John Pawley and Ernst Weber ()

A chapter in Economic Growth and Development, 2011, pp 483-492 from Emerald Group Publishing Limited

Abstract: The vintage model of capital accumulation predicts that technical progress depends on the installation of new capital equipment. In this chapter it is found that investment raises labor productivity in the G7 countries and Australia. This finding implies that the decline in investment during the global financial crisis will have a long lasting detrimental effect on labor productivity and hence wages.

Keywords: Vintage model of capital accumulation; technical change; labor productivity; global financial crisis (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:fegzzz:s1574-8715(2011)0000011023

DOI: 10.1108/S1574-8715(2011)0000011023

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