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We argue that the information technology revolution has brought about the differentiation of secular capital-using and labour-saving direction of technical change. Based on the example of the US manufacturing industry, asset and sector specific differences in the bias of technical change are documented. While the clear ICT- and intangible capital-using bias of technical change is well-documented in the literature, this paper provides evidence for the non-ICT capital-saving bias of technical change in the fifth Kondratieff cycle. In the past decade the US manufacturing sector displayed a noticeable deceleration of capital accumulation and capital intensity increase, a trend that diverges from the one observed in the other two sectors of the economy: in agriculture and in services. Non-ICT capital-saving technical change provokes increasing divergence between the development strategies of technological followers (characterised by tangible investment-led growth, and increasing capital-output ratios), and of technological leaders (marked by increasing intangible capital-intensity and diminishing tangible capital-intensity).

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Darvas, Zs., Simon, A. (2000): Capital Stock and Economic Development in Hungary. Economics of Transition, 8(1). Capital Stock and Economic Development in Hungary Economics of Transition

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Darvas, Zs. — Simon, A. (2000): Capital Stock and Economic Development in Hungary. Economics of Transition , 8(1): 197–223. Simon A. Capital Stock and Economic Development in Hungary

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This study examines the causes of the rather dissimilar development of individual EU economies after the 2008/09 crisis. The initial elemental analysis of contributions to GDP growth is followed by a growth accounting exercise, with decomposition into the effects of movements in total factor productivity, capital stock, and several labour market indicators. The subsequent section then seeks to clarify to what extent this development was driven by changes in cyclical conditions and the potential product.

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Acta Oeconomica
Authors:
José Augusto Lopes Da Veiga
,
Alexandra Ferreira-Lopes
,
Tiago Neves Sequeira
, and
Marcelo Serra Santos

In this paper we analyse the role of the traditional determinants of economic growth in the African countries in the period between 1950 and 2012. Due to the specificity and the single nature of each one of these countries, methods that take into account observed and unobserved heterogeneity are used. Results highlight the relevance of the growth rate of the capital stock to growth in the short-run, which is significant in all regressions. The growth rate of the government to GDP ratio is also important in all but one of the regressions in which it appears, and its growth is harmful for the growth of GDP per capita in the short-run. The variables related to public debt do not present any relationship with economic growth. Human capital has a positive relationship with economic growth in regressions that do not include public debt. The growth rate of real GDP per capita also depends (negatively) on its past value, i.e., the lower the real GDP per capita the higher will be its growth rate.

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_Demand_and_Supply_Analysis_of_Productivity_Growth, [accessed January 29, 2016]. Derbyshire , J. – Gardiner , B. – Waights , S. ( 2013 ): Estimating the Capital Stock for the NUTS2 Regions of the EU27 . Applied Economics

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Firms in the World Economy 2004 Pula, G. (2003): Capital Stock Estimation in Hungary: A Brief Description of Methodology and Results

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stagnating or even falling, the amount of labour required (relative to capital stock) will decline, and so will the level of output relative to the capital stock and, sooner or later, the average rate of profit will be falling. In other words, during the

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individuals and communities with adequate social capital stock are characterized by a better mental/health status and extensive socialization. The introductory study of the volume draws the reader's attention to the present challenges of special education. It

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Drought and Beyond. European Commission Occasional Paper , No. 75. Garofalo, G. A. — Yamarik, S. (2002): Regional Convergence: Evidence from a New State-by-state Capital Stock Series. Review of Economics and

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