scholarly journals Towards the Solution of the Economic Problem? – On the Non-Revolutionary Relationship between Working Time and Productivity

2018 ◽  
Vol 2018 (1) ◽  
Author(s):  
Sebastian Schief
Keyword(s):  
Theoretical Model ◽  
Economic Problem ◽  
Working Time ◽  
Standard Of Living ◽  
Long Run ◽  
Time Reduction

The increase of productivity we faced in the last hundred years was the basis for fundamental predictions on how a rising standard of living would reduce working time in the long run. Keynes predicted in 1930 that the economic problem would be solved and “mankind will be deprived of its traditional purpose” (Keynes 1931[1930]: 366). It is quite obvious that Keynes prediction is wrong when it comes to working time. This article takes a closer look at the developments of working time and productivity in Austria, Germany and Switzerland. Since the beginning of the 1970s, in all three countries under investigation, working time reduction ended. By discussing reasons for the abrupt ending of working time reduction this article proposes a theoretical model on the development of working time, wages, and productivity.

scholarly journals On the studies of the regular character, factors, effects and perspectives of the working time dynamics in modern economy

POPULATION ◽  
2020 ◽  
Vol 23 (3) ◽  
pp. 155-168
Author(s):  
Aleksandr V. Zolotov
Keyword(s):  
Labor Productivity ◽  
Trade Unions ◽  
Substitution Effect ◽  
Working Time ◽  
Factors Affecting ◽  
Time Dynamics ◽  
Long Run ◽  
Labor Legislation ◽  
The Usa ◽  
Time Reduction

The article examines a significant array of the scientific works devoted to different aspects of the working time dynamics. The conclusion is made that the main measure of this dynamics is the average number of hours worked per worker. This indicator can be used for analysis of all periods of labor activity including seniority. It is stated that the research on the problem shows a long-run trend of working time reduction. The works devoted to the topic also consider other factors affecting length of work: increase of labor productivity, influence of income effect and substitution effect on individual labor supply, motivation of employers, role of trade unions and collective bargaining, labor legislation. There are presented approaches to explanation of differences in the dynamics of working time in the USA and in West Europe. It is taken into account that the working time reduction during the past decades is characterized as one of the preconditions of pension reforms. There are considered works that contain analysis of the effects caused by the changes in working time length, including their impact on workers' health, work-life balance, gender inequality, unemployment rate, labor productivity, environment, perception the life as happy. The article shows a significant interest of researchers to perspectives of the working time dynamics in the context of analysis of J. M. Keynes's prediction about switch to 3-hour shifts by 2030. It is stated that the problem of perspectives of the working time dynamics is becoming one of the key issues in discussing the concept of Universal Basic Income. The article notes the attention of researchers to experiments on the working day reduction to 6 hours.

Worker Productivity, Working Time Reduction, And The Short-Run And Long-Run Employment Effects

2002 ◽  
Vol 49 (4) ◽  
pp. 357-368 ◽  
Author(s):  
Chun-chieh Huang ◽  
Juin-jen Chang ◽  
Ching-chong Lai ◽  
Chung-cheng Lin
Keyword(s):  
Working Time ◽  
Worker Productivity ◽  
Employment Effects ◽  
Long Run ◽  
Short Run ◽  
Time Reduction

The Innovation Problem

2019 ◽  
pp. 27-56
Author(s):  
Jason Potts
Keyword(s):  
Collective Action ◽  
Market Failure ◽  
Economic Problem ◽  
Coordination Problem ◽  
Collective Action Problem ◽  
Long Run ◽  
Allocation Problems ◽  
Knowledge Problem ◽  
Definition Of

Explains the nature of the innovation problem as an economic problem in the context of economic trade and long-run growth. Distinguishes between a market failure definition of the innovation problem as an allocation problems and the innovation problem as a collective action problem of coordination and discovery. Defines the innovation commons as the zeroth phase of the innovation trajectory. Introduces the concept of discovery failure and discovery costs. This locates the argument of the book in the broader context of Schumpeterian, evolutionary, and Austrian “mainline economics” with a contextualization of the innovation problem simultaneously as both a knowledge problem and a coordination problem, and therefore as a governance problem solved with institutions.

Replacement Policy for Cold Standby Repairable System with Priority in Use by Using Arithmetico-Geometric Process

2019 ◽  
Vol 27 (03) ◽  
pp. 2050009
Author(s):  
Raosaheb V. Latpate ◽  
Babasaheb K. Thorve
Keyword(s):  
Working Time ◽  
Repair Time ◽  
Replacement Policy ◽  
Repairable System ◽  
Policy System ◽  
Geometric Process ◽  
Long Run ◽  
Cold Standby ◽  
Study Component ◽  
Renewal Cycle

In this paper, we consider the arithmetico-geometric process (AGP) repair model. Here, the system has two nonidentical component cold standby repairable system with one repairman. Under this study, component 1 has given priority in use. It is assumed that component 2 after repair is as good as new, whereas the component 1 follows AGP. Under these assumptions, by using AGP repair model, we present a replacement policy based on number of failures, [Formula: see text], of component 1 such that long-run expected reward per unit time is maximized. For this policy, system can be replaced when number of failure of the component 1 reaches to [Formula: see text]. Working time of the component 1 is AGP and it is stochastically decreasing whereas repair time of the component 1 is AGP which is stochastically increasing. The expression for long-run expected reward per unit time for a renewal cycle is derived and illustrated proposed policy with numerical examples by assuming Weibull distributed working time and repair time of the component 1. Also, proposed AGP repair model is compared with the geometric process repair model.

scholarly journals Growth and distribution endogenously determined: a theoretical model and empirical evidence

2019 ◽  
Vol 39 (2) ◽  
pp. 344-361
Author(s):  
HERNÁN BORRERO ◽  
NESTOR GARZA
Keyword(s):  
Theoretical Model ◽  
Latin American ◽  
Empirical Literature ◽  
Growth Theory ◽  
Extended Model ◽  
Aggregate Production ◽  
Long Run ◽  
Aggregate Production Function ◽  
Asset Distribution ◽  
Latin American Countries

ABSTRACT We build upon an already known but scarcely developed feature of growth theory: the importance of asset distribution in an aggregate production function. We elaborate on a simple model of two individuals, and then generalize its deductions to an extended model of n agents, concluding that perfectly distributed productive capital leads to positive and optimum long-run “endogenous” growth. Recent and classical empirical literature on the topic suggests this interpretation. In addition, we find exploratory panel data evidence that supports our theory of growth and distribution in a set of Latin American countries.

Working time policy and paid leave arrangements : the Danish experience in the 1990s

1998 ◽  
Vol 4 (4) ◽  
pp. 692-714 ◽  
Author(s):  
Per Kongshøj Madsen
Keyword(s):  
Labour Market ◽  
Financial Incentives ◽  
Early Retirement ◽  
Market Reform ◽  
Working Time ◽  
Further Training ◽  
Employment Effects ◽  
Paid Leave ◽  
Long Run ◽  
Danish Experience

With regard to the long-run increase in unemployment, trends in Denmark differ little from those in other European and OECD countries. In the last three to four years, however, Denmark has seen a very clear drop in unemployment from a peak of 12.4 per cent in 1994 to 7.7 per cent in 1997. The factors influencing this development have included stronger economic growth, a labour market reform conducted in 1994 and the increasing popularity of a range of programmes for early retirement or paid-leave arrangements. In this contribution, the author outlines the most important steps in working time developments in Denmark, concentrating above all on a description of the paid-leave arrangements which may be regarded as the most innovative component of Danish labour market policy in the 1990s. Paid-leave arrangements are programmes offering financial incentives to workers to take career breaks for purposes of childcare, further training or sabbaticals, etc. They are intended to encourage both employees and unemployed workers to leave the labour market for good or to take a career break. They are linked with the fixed-term recruitment of unemployed workers to the posts vacated. The article contains empirical findings concerning the assessment, take-up rates and employment effects of such paid-leave arrangements.

INFLATION AND GROWTH IN THE LONG RUN: A NEW KEYNESIAN THEORY AND FURTHER SEMIPARAMETRIC EVIDENCE

2011 ◽  
Vol 16 (1) ◽  
pp. 94-132 ◽  
Author(s):  
Andrea Vaona
Keyword(s):  
Economic Growth ◽  
Time Series Data ◽  
Learning By Doing ◽  
Working Time ◽  
New Keynesian ◽  
Elasticity Of Substitution ◽  
Series Data ◽  
Fixed Cost ◽  
Data Set ◽  
Long Run

This paper explores the influence of inflation on economic growth both theoretically and empirically. We propose to merge an endogenous growth model of learning by doing with a New Keynesian one with sticky wages. We show that the intertemporal elasticity of substitution of working time is a key parameter for the shape of the inflation–growth nexus. When it is set equal to zero, the inflation–growth nexus is weak and hump-shaped. When it is greater than zero, inflation has a sizable and negative effect on growth. Endogenizing the length of wage contracts does not lead to inflation superneutrality in the presence of a fixed cost of wage resetting. Adopting various semiparametric and instrumental-variable estimation approaches on a cross-country/time-series data set, we show that increasing inflation reduces real economic growth, consistent with our theoretical model with a positive intertemporal elasticity of substitution of working time.

Rent Capture in an Individual Transferable Quota Fishery

1992 ◽  
Vol 49 (3) ◽  
pp. 497-503 ◽  
Author(s):  
R. Quentin Grafton
Keyword(s):  
Theoretical Model ◽  
Economic Efficiency ◽  
Risk Sharing ◽  
Economic Rent ◽  
Net Returns ◽  
Individual Transferable Quota ◽  
Long Run

The problem of capturing economic rent in a fishery regulated by an individual transferable quota scheme is addressed using a profit tax and a quota tax as two methods of rent collection. Using a theoretical model of a fishery with representative fishers employing different harvesting functions, the effects of the taxes are evaluated with respect to their ability to capture rent, flexibility to adjust to changes in the fishery, effects upon economic efficiency, the burden of taxation on different fishers, and ease of implementation. A quota tax is shown to be preferred over a comparable profit tax by those fishers who earn the highest average net returns on quota owned. A quota tax also has the potential to allow fishers to capture the full benefits of efficiency improvements. The profit tax can allow for greater risk sharing between the regulator and fishers and is able to capture the entire rent in the fishery in both the short and long run.

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