Relative Prices and Technical Change

Abstract

In this paper our objective is to analyze technical change and the distribution of the value of output for thirty-six industrial sectors of the U.S. economy. Our most important conceptual innovation is to determine the rate of technical change and the distributive shares of productive inputs simultaneously as functions of relative prices. We show that the effects of technical change on the distributive shares is precisely the same as the effects of relative prices on the rate of technical change.

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