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General Tech Technology & Software 2 years ago
Posted on 16 Aug 2022, this text provides information on Technology & Software related to General Tech. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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Take Romer's advanced macro book as reference. In it the Solow model,the Ramsey model and the Diamond OLG all contain the fundamental AtAt variable representing technological progress.In all these models, technology affects only labor, that is:Yt=F(Kt,AtLt)Yt=F(Kt,AtLt)
Now my question is why is such assumption so prevalent in these models. It seems to me that when we imagine technology as affecting output we think of the Northrop loom, the Bessemer steel, the container, the railroad. You know, stuff. All these seem to me to be mostly capital-augmenting technologies.So why do we tend to assume labor-augmenting technology instead?
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