Quantifying Embodied Technological Change
By Plutarchos Sakellaris, Daniel J. Wilson. Social Science Research Network, 2001
121 citations recorded by the source corpus.
We estimate the rate of embodied technological change directly from plant-level manufacturing data on current output and input choices along with histories on their vintages of equipment investment. Our estimates range between 8 and 17 percent for the typical U.S. manufacturing plant during the years 1972-1996. Any number in this range is substantially larger than is conventionally accepted with some important implications. First, the role of investment-specific technological change as an engine of growth is even larger than previously estimated. Second, existing producer durable price indices do not adequately account for quality change. As a result, measured capital stock growth is biased. Third, if accurate, the Hulten and Wykoff (1981) economic depreciation rates may primarily reflect obsolescence.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/c41c66fa204536234b6bf351b6d8dc2b4a2c3296
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
Citations in the corpus
- Upgrading in the automotive industry: firm-level evidence from Central Europe (2011, background): “This type of investment can lead to an increase in labor productivity (through the embodied technological progress) as the result of process upgrading (Sakellaris and Wilson, 2004).”