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A general model of technical change with an application to the OECD countries
Department of Economics, Sogang University, Seoul, South Korea.ORCID iD: 0000-0002-7902-4683
Department of Economics, Binghamton University (SUNY), Binghamton, NY, United States.
2014 (English)In: Economics of Innovation and New Technology, ISSN 1043-8599, E-ISSN 1476-8364, Vol. 23, no 1, 25-48 p.Article in journal (Refereed) Published
Abstract [en]

In the neoclassical production theory technical change (TC) is specified as a function of time. However, some exogenous external factors other than time can also affect the rate of TC. In this paper, we model TC via a combination of time trend (purely non-economic) and other observable exogenous factors that shift the technology. The exogenous economic factors are used to define several technology indices. These technology indices are embedded into the production function in a flexible manner. By estimating this generalized production function, we get estimates of rate of TC which is decomposed into a pure time component as well as several components attributed to technology indices. The empirical model uses panel data on OECD, accession and enhanced engagement countries observed during 1980-2006. ©2013 Taylor & Francis.

Place, publisher, year, edition, pages
2014. Vol. 23, no 1, 25-48 p.
Keyword [en]
OECD countries; technical change; technology indicator; technology shifter; total factor productivity growth
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-24509DOI: 10.1080/10438599.2013.805918Scopus ID: 2-s2.0-84892476662OAI: oai:DiVA.org:hj-24509DiVA: diva2:742454
Available from: 2014-09-01 Created: 2014-09-01 Last updated: 2016-01-14Bibliographically approved

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