INVESTMENT AND TECHNICAL PROGRESS IN THE G7 COUNTRIES AND AUSTRALIA

John Pawkey and Ernst Weber ()
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John Pawkey: UWA Business School, The University of Western Australia

No 11-10, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: The vintage model of capital accumulation predicts that technical progress depends on the installation of new capital equipment. In this paper 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.

Pages: 88 pages
Date: 2011
New Economics Papers: this item is included in nep-eff and nep-mac
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