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This paper incorporates a task‐based approach into the Solow growth model to analyze the effects of automation on economic growth. We find that if task producers smoothly adopt automation technology along the capital accumulation path, sustained growth is possible even without technological progress. This result is brought about by the fact that task automation makes the aggregate production function linear. In addition, we demonstrate that both the rental price of capital and the wage are constant on the growth path. In sum, while the interaction between task automation and capital accumulation can be a pathway for sustained growth in output, it leads to the cease of wage growth in the long run. [ABSTRACT FROM AUTHOR]

Second, each polluting firm commits to the amount of target emissions, HT ht . However, it need not reduce the output by a large amount because a reduction of HT ht partially offsets the negative effect of environmental damage by increasing HT ht . Note that given the voluntary commitments on target emissions, HT ht in the second stage, the amount of purchase of abatement goods HT ht will be solely determined by the choice of HT ht . Further, the decision on the purchase of abatement goods HT ht , is the same as the choice of outputs HT ht if the target emissions, HT ht , are given. [Extracted from the article]

Incorporating population growth into a simplified version of Maoz and Moav (1999), this article analyzes the effect on the relationship between intergenerational mobility and economic development. If the fertility is the same across income groups, population growth does not influence the basic dynamics of the economy. With, however, the fertility difference, population growth plays a crucial role in characterizing the intergenerational mobility. Suppose, in particular, that the fertility of the educated is higher than that of the uneducated. Then the share of the educated increases sharply due to the fertility difference. This sharp increase largely raises the average wage in the economy, which in turn boosts the education cost. The large increase in the education cost facilitates downwards mobility, and hence decreases the population share of the educated. Thus, if the fertility difference is large enough, the mobility exhibits cyclical behaviour. In contrast, if the fertility of the uneducated is higher than or equal to that of the educated, the same dynamics as in Maoz and Moav (1999) appears. [ABSTRACT FROM AUTHOR]

This paper presents a simple yet useful framework to analyze the interactions between population growth and economic development to account for the demographic transition. The nonmonotonic relationship is derived from two key factors: Stone–Geary preferences and increasing child‐raising costs. Increase in income raises fertility through the income effect but reduces it through the substitution of the children by consumption due to increased child‐raising costs. When households are poor, fertility increases with income because the income effect is dominant due to Stone–Geary preferences. When, in contrast, they are rich enough, fertility decreases with income because the substitution effect is dominant. While the population growth rate is constant in the Solow growth model, it changes endogenously in our model. Consequently, it produces rich dynamics of income and population depending on the speed of technological progress. [ABSTRACT FROM AUTHOR]

Empirical evidence suggests that labor supply curves are downward sloping at low wage levels, i.e. 'forward-falling labor supply'. In contrast, the supply curve is only downward sloping at high wage levels in the canonical labor supply model, i.e. 'backward-bending'. This paper derives a labor supply curve with both forward-falling and backward-bending segments, or an 'inverted S-shape' by incorporating two elements into a standard utility function: a subsistence level of consumption and a decreasing elasticity of substitution. It is also shown that the subsistence level of consumption plays a key role in determining the shape of the labor supply curve. [ABSTRACT FROM AUTHOR]

Elastic-plastic constitutive equation of hard metal for cold forging tools such as WC-Co cemented carbide with anisotropic damage is proposed to predict a precise service life of cold forging tools. A second rank symmetric damage tensor is introduced in order to express the anisotropic material damage and damage-induced stress unilaterality, namely a salient difference in uniaxial behavior between tension and compression. The conventional framework of irreversible thermodynamics is used to derive the constitutive equation. The Gibbs potential is formulated as a function of stress tensor, damage tensor, isotropic hardening variable, and kinematic hardening variable tensor. The elastic-damage constitutive equation, conjugate forces of damage, isotropic hardening, and kinematic hardening variable is derived from the potential. For the kinematic hardening variable, the superposition of three kinematic hardening laws is employed in order to improve the cyclic behavior of the material. For the evolution equation of the damage tensor, the damage is assumed to progress by fracture of the Co matrix-WC particle interface and by the mechanism of fatigue, i.e., the accumulation of microscopic plastic strain in matrix and particles. By using the constitutive equations, calculation of uniaxial tensile, and compressive test is performed and the results are compared with the experimental ones in the literature. Furthermore, finite element analysis on the behavior of cemented carbide as a die-insert of cold forward extrusion die set was carried out. The proposed constitutive equation was implemented to commercial FE software MSC.Marc2005 using User Subroutines. It is found that the anisotropic damage component can describe the different failure modes of the die-insert, namely fatigue crack and forced rupture. [ABSTRACT FROM AUTHOR]

We present a simple model that explains two features of the dynamics of wage inequalities: between-group and within-group. Individuals are assumed to be heterogeneous in their innate abilities. With the advent of a new technology, each individual decides whether or not to acquire the skill for the new high-tech sector. The heterogeneity explains not only the between-group wage inequality but also the within-group wage inequality, which are observed in advanced countries such as the US and UK. [ABSTRACT FROM AUTHOR]

The paper analyzes a simple differential game model of international technology transfer via foreign direct investment, in which a subsidiary of a multinational corporation and a host-country firm are engaged in a technology accumulation race. In contrast to previous works, it is shown that an elasticity of the foreign firm's marginal quasi-rent plays a key role in determining the effects of technology spillover and of efficiency of learning activities on the technology transfer: those are positive if it is larger than unity in absolute value, and vice versa. Other comparative static results are reported. [ABSTRACT FROM AUTHOR]

This paper reformulates Kalecki's investment models based on 'the principle of increasing risk'. First, it is shown that in his model risk can be interpreted as a conditional probability of bankruptcy of a firm, or the 'hazard rate' in reliability theory. Secondly, a simple static Kaleckian investment model is developed based on this interpretation. In the model, a slightly modified Kaleckian optimality condition for investment holds. It is also shown that, as Kalecki correctly pointed out, the principle of falling marginal efficiency of capital (or investment) is not required to obtain a finite level of investment. Finally, I consider sequential investment in an intertemporal model. In this model, a modified version of the Kaleckian optimality condition determines investment. In addition, as Kalecki emphasized, his increasing risk limits the level of investment even without increasing and convex adjustment costs associated with investment, by which the finite rate of investment is derived in the macroeconomics literature. [ABSTRACT FROM AUTHOR]

International and domestic rankings of academics, academic departments, faculties, schools and colleges, institutions of higher learning, states, regions, and countries are of academic and practical interest and importance to students, parents, academics, and private and public institutions. International and domestic rankings are typically based on arbitrary methodologies and criteria. Evaluating how the rankings might be sensitive to different factors, as well as forecasting how they might change over time, requires a statistical analysis of the factors that affect the rankings. Accurate data on rankings and the associated factors are essential for a valid statistical analysis. In this respect, the Times Higher Education (THE) World University Rankings represent one of the three leading and most influential annual sources of international university rankings. Using recently released data for a single country, namely Japan, the paper evaluates the effects of size (specifically, the number of full-time-equivalent (FTE) students, or FTE (Size)) and internationalization (specifically, the percentage of international students, or IntStud) on academic rankings using THE data for 2017 and 2018 on 258 national, public (that is, prefectural or city), and private universities. The results show that both size and internationalization are statistically significant in explaining rankings for all universities, as well as separately for private and non-private (that is, national and public) universities, in Japan for 2017 and 2018. [ABSTRACT FROM AUTHOR]