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Technological Progress, Income Distribution, and Unemployment

Theory and Empirics

  • Book
  • © 2019

Overview

Authors:
  1. Hideyuki Adachi

    1. Kobe University, Kobe, Hyōgo, Japan

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  2. Kazuyuki Inagaki

    1. Nagoya City University, Nagoya, Aichi, Japan

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  3. Tamotsu Nakamura

    1. Kobe University, Kobe, Hyōgo, Japan

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  4. Yasuyuki Osumi

    1. University of Hyogo, Kobe, Hyōgo, Japan

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  • Provides a thorough explanation of long-run trends of capital-income ratio and income distribution
  • Changes preconceived notions of biased technological changes such as factor-, sector-, and ability-biased ones
  • Clarifies the theory and empirics of the importance of technological progress in income distribution and unemployment

Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)

Part of the book sub series: Kobe University Social Science Research Series (BRIEFSKUSSRS)

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Table of contents (5 chapters)

  1. Front Matter

    Pages i-xi
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  2. Growth and Income Distribution Under Biased Technological Progress

    • Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 1-22

  3. Growth and Income Distribution Under Induced Innovation

    • Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 23-45

  4. Technological Progress and Unemployment

    • Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 47-68

  5. Empirical Analysis of Biased Technological Progress

    • Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 69-83

  6. Concluding Remarks

    • Hideyuki Adachi, Kazuyuki Inagaki, Tamotsu Nakamura, Yasuyuki Osumi
    Pages 85-88

  7. Back Matter

    Pages 89-90
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Keywords

About this book

This volume develops original methods of analyzing biased technological progress in the theory and empirics of economic growth and income distribution. Motivated by sharp increases in wage and income inequalities in the world since the beginning of the new century, many macroeconomists have begun to realize the importance of biased technological changes. However, the comprehensive explanations have not yet appeared. This volume analyzes the effects of factor-biased technological progress on growth and income distribution and shows that long-run trends of the capital-income ratio and capital share of income consistent with Piketty’s 2014 empirical results emerge. Incorporating the modified version of induced innovation theory into the standard neoclassical growth model, it also explains the long-run fluctuations of growth and income distribution consistent with the data shown in Piketty. Introducing a wage-setting function, the neoclassical growth model is modified to account for unemployment as well as to examine the dynamics of unemployment and the labor share of income under biased technological progress. Applying a new econometric method to Japanese industrial data, the authors test the key assumptions employed and important results derived in the theoretical part of this book.

Authors and Affiliations

  • Kobe University, Kobe, Hyōgo, Japan

    Hideyuki Adachi, Tamotsu Nakamura

  • Nagoya City University, Nagoya, Aichi, Japan

    Kazuyuki Inagaki

  • University of Hyogo, Kobe, Hyōgo, Japan

    Yasuyuki Osumi

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