14.461: Technological Change, Lectures 5-7 Directed Technological

14.461: Technological Change, Lectures 5-7 Directed Technological

195 Pages · 2011 · 961 KB · English

14.461: Technological Change, Lectures 5-7 Directed Technological Change Daron Acemoglu MIT September, 2011. Daron Acemoglu (MIT) Directed Technological Change

14.461: Technological Change, Lectures 5-7 Directed Technological free download

14.461: Technological Change, Lectures 5-7 Directed Technological Change Daron Acemoglu M IT September, 2011. Daron Acemoglu (M IT) Directed Technological Change Septemb er, 2011. 1 / 195 Directed Technological Change Intro duction Introduction Thus far have focused on a single type of technological change (e.g., Hicks-neutral). But, technological change is often not neutral: 1 Bene…ts some factors of production and some agents more than others. Distributional e¤ects imply some groups will embrace new technologies and others oppose them. 2 Limiting to only one type of technological change obscures the competing e¤ects that determine the nature of technological change. Directed technological change : endogenize the direction and bias of new technologies that are developed and adopted. Daron Acemoglu (M IT) Directed Technological Change Septemb er, 2011. 2 / 195 Biased Technological Change Imp ortance Skill-biased technological change Over the past 60 years, the U.S. relative supply of skills has increased, but: 1 there has also been an increase in the college premium, and 2 this increase accelerated in the late 1960s, and the skill premium increased very rapidly beginning in the late 1970s. Standard explanation: skill bias technical change, and an acceleration that coincided with the changes in the relative supply of skills. Important question: skill bias is endogenous, so, why has technological change become more skill biased in recent decades? Daron Acemoglu (M IT) Directed Technological Change Septemb er, 2011. 3 / 195 Biased Technological Change Imp ortance Skill-biased technological change Figure: Daron Acemoglu (M IT) Directed Technological Change Septemb er, 2011. 4 / 195College wage prem iumRelative Supply of College Skills and College Premiumyear Rel. supply of college skills College wage premium Rel. supply of college skills 39495969798996.3.4.5.60.2.4.6.8 Biased Technological Change Imp ortance Unskill-biased technological change Late 18th and early 19th unskill-bias: “First in …rearms, then in clocks, pumps, locks, mechanical reapers, typewriters, sewing machines, and eventually in engines and bicycles, interchangeable parts technology proved superior and replaced the skilled artisans working with chisel and …le.” (Mokyr 1990, p. 137) Why was technological change unskilled-biased then and skilled-biased now? Daron Acemoglu (M IT) Directed Technological Change Septemb er, 2011. 5 / 195 Biased Technological Change Imp ortance Wage push and capital-biased technological change First phase.

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