Autori:
Antonelli, Cristiano ,
Fassio, Claudio Titolo:
The economics of the light economy. Globalization, skill biased technological change and slow growthPeriodico:
Università degli Studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis LEI & BRICK - Lab. Di economia dell'innovazione 'Franco Momigliano', Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP seriesAnno:
2013 - Volume:
4 - Fascicolo:
5 - Pagina iniziale:
1 - Pagina finale:
58The paper provides an interpretative framework and structured empirical
evidence of the processes leading to the emergence of a light and slow growth economy in advanced countries. The interpretative framework rests upon the grafting of a) the Schumpeterian hypothesis about the
determinants of the rate of technological change with b) the Kuznets approach on the strict complementarity of structural and technological change, and c) the new approach about the direction of technological
change biased towards the most intensive use of locally abundant production factors, into d) the dynamic version of the Heckesher-Ohlin
analysis of international economics that accounts the introduction of new
technologies as the endogenous search for a new specialization. The analysis of the stylized facts and the empirical ev
idence confirms that the twin globalization of product and capital markets brought about by the entry of new labor abundant countries in international markets had profound effects on advanced countries leading to the introduction of skill biased technological change with the consequent decline of the role of the manufacturing industry and the emergence of a strong knowledge intensive business service sector. The new biased direction of technological change accelerated the substitution of both capital and unskilled labor with skilled workers with the ultimate effect of reducing
the stock of working capital and hence the rates of growth of advanced economies. The slow growth is a physiological featu
re of the new emerging light economies that rely upon knowledge intensive but capital
saving technologies.
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