Materials, Capital, Direct/Indirect Substitution, and Mass Balance Production Functions

Growth, Capital Shares, and a New Perspective on Production Functions

Standard growth theory implies that steady-state growth in the presence of exponential declines in the prices of computers and other capital equipment requires a Cobb-Douglas production function. Conventional wisdom holds that capital shares are relatively constant, so that the Cobb-Douglas approach might be a good way to model growth. Unfortunately, this conventional wisdom is misguided. Capit...

Engineering Production Functions and Capital-Labor Substitutions in Metal Machining

Capital-labor Substitution and Economic Efficiency1

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Unemployment, Factor Substitution and Capital Formation

We incorporate a wage-bargaining structure in a dynamic general equilibrium model and show how this feature changes shortand long-run properties of equilibria compared with a perfectly competitive setting. We discuss how employment, capital and income shares respond to wage-setting shocks and show that adjustment dynamics depend decisively on the magnitude of the elasticity of substitution betw...

Substitution effects in magnetic and superconducting materials

Chemical substitutions at very low level have been proved to be a very effective tool to change important physical parameters in many kinds of materials. These modifications may be the result of, for instance, subtle variations of the position of the Fermi level with respect to the density of states, presence of additional electrons which may change the hole carrier concentration, steric effect...