A cross-country non parametric estimation of the returns to factors of production and the elasticity of scale

Marquetti, Adalmir

doi:10.1590/s0103-63512007000100004

Cited by 3 publications

(2 citation statements)

References 27 publications

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“…The data was taken for total capital cost and labour compensation from (U.S. BUREAU OF LABOR STATISTICS, 2023), the elasticity of capital intensity and labour productivity from (Marquetti, 2007) and growth of capital, and labour productivity from (OECD, 2022).…”

Section: Impact Of Ai On Productivity/ Measurement Of Technical Chang...mentioning

confidence: 99%

Impact of AI on Working Hours, Wage Rate and Global Economy

Jhaveri,

Chauhan,

Nizami

2023

Preprint

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Artificial Intelligence has a substantially increasing impact on the markets and economy. Implications on wage rates, working patterns, and lifestyles have also been marked as important factors. AI has the potential to extend the gap between inequality and unemployment. The framework discussed in this paper connects the dots between AI and the affecting factors. In a report published in 2018 by the World Economic Forum, it was projected that the advancement and implementation of AI would result in a net increase of 58 million new jobs by the year 2022. This estimation suggests that, despite concerns about the impact of AI on employment, the technology has the potential to generate a significant number of job opportunities globally. The objective of this paper is to give an analytical explanation of artificial intelligence with respect to employment, working hours, and leisure in the short run and long run. The paper aims to bridge the gap between theoretical, mathematical and visual interpretations towards the trends of growing AI and its impact on the supply of labour in the market. It is an analytical research method using data from secondary sources. Time period of the study is from 2018 to 2022. Model one shows how the labour supply will behave when a firm is catering to the full demand by existing labour. It considers the situation of a firm with the extensive use of AI and limited work distribution amongst the labour which will lead to constant wage rates and decrease in number of working hours. Model two shows the impact of AI on the supply of labour of a firm which expects excess demand for goods than they can cater. Here, productivity will increase and therefore production will increase which will lead to more work done by labourers and an increase in their wage rate as there is more demand in the market. Given the speed of advancements, they will first have to work on investments and establishments of these technologies faster in order to complement their labor force and not substitute them. The impact of SDG 8 [Decent work and Economic growth] is also evaluated in the research. This paper analyzes the pace of development and impacts on labour markets in both the types of nations (developed and developing) and to study how the work and leisure patterns will change in low, medium, and high-skilled labour forces. JEL: D24, D23, J01, J21, J24, J64.

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Section: Impact Of Ai On Productivity/ Measurement Of Technical Chang...mentioning

confidence: 99%

Impact of AI on Working Hours, Wage Rate and Global Economy

Jhaveri,

Chauhan,

Nizami

2023

Preprint

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“…Hay otros tres resultados importantes de las estimaciones. Primero, la elasticidad calculada del producto bueno y el producto malo con respecto al capital es mayor en comparación con la calculada respecto al trabajo; segundo, la producción de producto malo y producto bueno presenta rendimientos constantes de escala, y tercero, las elasticidades estimadas del producto bueno con respecto al trabajo y al capital son consistentes con otros trabajos (Romer, 1987;Marquetti, 2007).…”

Section: Productos E Insumos Para Los 20 Principales Emisores De Co 2...unclassified

Patrones de crecimiento y cambio técnico en la producción de un producto bueno y otro malo

Marquetti¹,

Pichardo²

2013

Investigación Económica

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Theoretical Impact of AI on Working Hours and Wage Rate

Jhaveri,

Chauhan,

Nizami

2024

Artificial Intelligence of Things (AIoT) for Productivity and Organizational Transition

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This chapter assesses the correlation between AI expansion and its influence on diverse economic factors like labor supply, wage rates, and working hours. In the subsequent segment, the authors explore the connection between the utility function and the derived hours equation. Unlike the direct utility indicators of leisure and consumption, indirect utility functions are represented through income/wage rates or prices. These models and diagrams are developed by the authors to illustrate the correlation between income/consumption and its association with the balance between working hours and leisure hours. This chapter encompasses diverse models predicated on specific assumptions, contingent on market demand and supply scenarios.

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A cross-country non parametric estimation of the returns to factors of production and the elasticity of scale

Cited by 3 publications

References 27 publications

Impact of AI on Working Hours, Wage Rate and Global Economy

Impact of AI on Working Hours, Wage Rate and Global Economy

Patrones de crecimiento y cambio técnico en la producción de un producto bueno y otro malo

Theoretical Impact of AI on Working Hours and Wage Rate

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