Suchergebnisse

Why does capital not flow to developing countries as predicted by the neoclassical model? What are the direction and degree of capital misallocation across nations? We revisit these questions by removing public capital from total capital to achieve a more accurate estimate of the marginal productivity of private capital. We calculate marginal product of capital schedules in a large sample of advanced and developing countries. Our main result is that, in terms of the Lucas Paradox, private capital is allocated remarkably efficiently across nations. Tentative estimates of the marginal productivity of public capital suggest that the deadweight loss from public capital misallocation across countries can be much larger than that from private capital.

The Walrasian theory of labor market equilibrium predicts that in the absence of any market frictions, workers earn a wage rate equal to their marginal productivity. In this paper, based on the neoclassical tradition, the authors define the ratio of the marginal product of labor to real wages as the Pigouvian exploitation rate and then construct a panel dataset of this specific wage-productivity gap for the manufacturing sector in OECD economies. Next, they investigate its relationship with the unemployment rate along with various other variables such as the government taxation, capital expansion, unionization, inflation. Their findings suggest that the wage-productivity gap gives a robust and significantly positive response to shocks to unemployment rate and a negative response to shocks to unionization.

This article presents the marginal approach to the labor theory of value. The difficulties of the classical and Marxian labor theory of value are overcome when labor value is understood as marginal labor value analogously to marginal cost. Marginal labor value is the reciprocal of the marginal productivity of labor. Under perfect competition, relative prices are equal to the ratio of marginal labor values; indeed, Pareto-optimality implies the validity of the labor theory of value but in general, even in a Pareto-optimal state, there is exploitation. It is shown that in principle, a capitalist system can never be in a Pareto-optimal state. To assure a maximum productivity of labor and therefore minimum socially necessary labor values, society has to assure the socially necessary accumulation of capital and to organize the formation and control over capital democratically and collectively, a Pareto-optimum without exploitation.

A simple neo‐classical theory of the demand for capital goods
service is presented to clarify the relationship between the marginal
productivity of capital and Keynes′s concept of the marginal efficiency
of capital. How the latter concept is related to con‐temporary
understanding of the marginal efficiency of investment is illustrated,
while Keynes′s pessimism regarding stagnant investment is explained
within the framework of neo‐classical theory.

This paper presents an empirical investigation of the productivity effects of UK management buyouts (MBOs) over the period 1986–1997. It is the first study to use an augmented production function approach in order to determine and quantify: the Hicks–neutral productivity, the marginal productivity of labour, and the marginal productivity of capital effects of MBOs. The main findings are consistent with MBOs providing incentive and control systems that lead to improved firm–level productivity in the post–buyout organisation via reduced agency costs, debt bonding, and monitoring by buyout specialists.

International audience ; Welcher Zusammenhang besteht zwischen der Steuerpolitik, dem Arbeitskräfteangebot der Erwerbsbevölkerung und der makroökonomischen Leistung in der DR-Kongo? Ist die Finanzpolitik der DR-Kongo optimal? Um diese Bedenken zu zerstreuen, wird in diesem Papier ein statisches Regressionsmodell mit Kreuzeffekten oder Störvariablen auf Daten aus der Demokratischen Republik Kongo kalibriert und anschließend geschätzt. Wir betrachten den Zeitraum 2002-2018 für die Analyse. Die Schätzergebnisse sagen eine positive und statistisch nicht signifikante Beziehung zwischen der Kreuzvariable der Finanzpolitik und dem Arbeitsangebot und der makroökonomischen Leistung voraus. Wenn wir uns nicht mit sehr prohibitiven Steuersätzen begnügen und gleichzeitig die gleiche Steuerbemessungsgrundlage beibehalten, wird deutlich, dass die Steuerpolitik nicht optimal ist; sie ist kontraproduktiv und hat eine statistisch unbedeutende Auswirkung auf die makroökonomische Leistung in der DR-Kongo. ; What is the link between tax policy, labor supply of the active population and macroeconomic performance in DR-Congo? Is the DR-Congo's tax policy optimal? To address these concerns, this paper calibrates and then estimates a static cross-effects or interference variable regression model on data from the Democratic Republic of Congo. We consider the period 2002-2018 for the analysis. The estimation results predict a positive and statistically insignificant relationship of the cross variable of tax policy and labor supply on macroeconomic performance. Moreover, if we do not settle for very prohibitive rates while maintaining the same tax base, it is established that tax policy is not optimal; it is counterproductive and has a statistically insignificant effect on macroeconomic performance in the DR-Congo. ; Quel lien existe-t-il entre la politique fiscale, l'offre de travail de la population active et les performances macroéconomiques en RD-Congo ? La politique fiscale de la RD-Congo est-t-elle optimale ? Pour répondre à ces ...

Good land management strategies are known to play an important role in improving agricultural production. There lacks empirical studies that have evaluated the contribution of fence as a productive investment in Kenya. Fencing was treated as a productive input in the production function alongside capital, labour and land. Cross-sectional primary data is used to achieve the objectives of the study. The Cobb-Douglas (CD) specification was used in measuring the contribution of fence to production and in measuring its role in the marginal productivity of labour, land and capital in semi arid Kenya. Ordinary least squares (OLS) regression results indicated that fencing improves agricultural production and that it improves the marginal productivity of land. The policy implication is that since fence has led to a series of positive benefits, there is need for the government to recognize the positive impact of fence and empower those communities who would wish to fence their land.

Following India's independence, it was widely recognized and accepted that agriculture remains the backbone of the economy. Mainly two types of innovations came into prominence to develop agriculture sector- one, institutional changes and at the second place technological innovations. Among the institutional changes "land to the tiller" was the avowed objective and this led to abolition of Zamindari system in various states, launching of Bhoodan Movement and promoting cooperative farming. This was also supplemented with technological innovations- starting of multipurpose hydropower projects and later on 'Green Revolution' with four major components. The present paper has attempted to estimate marginal productivity of labour and capital for agro based central public sector enterprises in Indian industry for the period 2002-2007, and the results are quite mixed. The empirical evidence of the present paper has established the fact that elasticity as well as marginal productivity of labour was highly insignificant in case of public sector agro enterprises.

Economists have become increasingly interested in studying the nature of production functions in social policy applications, with the goal of improving productivity. Traditionally models have assumed workers are homogenous inputs. However, in practice, substantial variability in productivity means the marginal productivity of labor depends substantially on which new workers are hired--which requires not an estimate of a causal effect, but rather a prediction. We demonstrate that there can be large social welfare gains from using machine learning tools to predict worker productivity, using data from two important applications - police hiring and teacher tenure decisions.

Abstract Contrary to the prevailing interpretation, this paper shows that the central models of trade with heterogeneous firms (Melitz 2003; Bernard et al. 2003) exhibit ambiguous predictions for the exporter productivity premium. This prospect arises because of differences between theoretical and empirical representations of firm productivity. Instead of marginal productivity, we examine in both models the theoretical equivalent of empirically observable productivity (value‐added per employee). Given the presence of fixed export costs or heterogeneous mark‐ups and trade costs, the observable productivity of exporters in proximity to the export‐indifferent firm turns out to be lower than that of non‐exporters; that is, the productivity distributions overlap. The paper reviews empirical literature that reports non‐positive exporter productivity premia in firm‐level data and discusses implications for empirical research on exporter performance, including learning and the role of non‐parametric regressions (stochastic dominance, quantile regressions), fixed costs, and productivity distributions.