G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1011
DP1011 Firm Location and Job Creation in Cities
Jacques-François Thisse; Masahisa Fujita; Yves Zenou
发表日期1994-09-30
出版年1994
语种英语
摘要This paper shows that search in the labour market has important effects on accumulation decisions. In a labour market characterized by search, employment contracts are naturally incomplete and this creates a wedge between the rates of return and marginal products of both human and physical capital. As a result, when workers invest more in their human capital, they increase the rate of return on physical capital. Provided that these factors are complements in the production function, this will increase the desired level of investment for firms. Then, because physical capital is not being paid its marginal product, the rate of return on all human capital goes up. In this model, therefore, there are pecuniary increasing returns to scale in human capital accumulation in the sense that the more human capital there is, the more profitable it is to accumulate human capital. Applying this argument conversely, the presence of pecuniary increasing returns in physical capital accumulation also follows. These pecuniary increasing returns lead to amplified inefficiencies and to the possibility of multiple equilibria. They also imply that factor distribution of income has an important impact on growth. Finally, the paper derives new links between unemployment and human capital accumulation and shows that when technology choice is endogenized, search introduces a negative wage formation externality which may lead to excessively fast diffusion of new technologies.
主题International Macroeconomics
关键词Growth Human capital Incomplete contracts Search Wage determination
URLhttps://cepr.org/publications/dp1011
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530154
推荐引用方式
GB/T 7714
Jacques-François Thisse,Masahisa Fujita,Yves Zenou. DP1011 Firm Location and Job Creation in Cities. 1994.
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