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  1. 1 Economics and Business Review

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  1. 1 Irmen A.

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  1. 1 2020

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Endogenous task-based technical change-factor scarcity and factor prices

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Irmen A.
Economics and Business Review
|
2020
|
vol. 6(20)
|
issue 2
81-118
EN
This paper develops a static model of endogenous task-based technical progress to study how factor scarcity induces technological progress and changes in factor prices. The equilibrium technology is multi-dimensional and not strongly factorsaving in the sense of Acemoglu (2010). Nevertheless, labour scarcity induces labour productivity growth. There is a  weak but no strong absolute equilibrium bias. This model provides a plausible interpretation of the famous contention of Hicks (1932) about the role of factor prices and factor endowments for induced innovations. It may serve as a microfoundation for canonical macro-economic models. Moreover, it accommodates features like endogenous factor supplies and a binding minimum wage.
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