“Hardware and Software over the Course of Long-Run Growth: Theory and Evidence” - Warsaw Economic Seminars [11.01.2024]
We kindly invite you to take part in the next meeting within the Warsaw Economic Seminars series, organised jointly by the Faculty of Economic Sciences, University of Warsaw and the Warsaw School of Economics.
During the meeting Julia Jabłońska (Warsaw School of Economics) will present the research conducted jointly with Jakub Growiec and Aleksandra Parteka, also representants of the Warsaw School of Economics.
The seminar will be held on January 11th 2024 at 5 p.m. in hybrid mode: in room B202 at the Faculty of Economic Sciences (Długa 44/50) and via Zoom platform: https://uw-edu-pl.zoom.us/j/93302281672?pwd=VFg3SVg0clkwOWtHZDNMb2F1TW5Bdz09
Meeting ID: 933 0228 1672
Passcode: 254160
Abstract:
Output is generated through purposefully initiated physical action. Production needs energy and information, provided by respective factors: hardware (“brawn”), including physical labor and physical capital, and software (“brains”), encompassing human cognitive work and pre-programmed software, in particular artificial intelligence (AI). From first principles, hardware and software are essential and complementary in production, whereas their constituent components are mutually substitutable. This framework generalizes the neoclassical model of production with capital and labor, models with capital–skill complementarity and skill-biased technical change, and unified growth theories embracing also the pre-industrial period.
Having laid out the theory, we provide an empirical quantification of hardware and software in the US, 1968–2019. We document a rising share of physical capital in hardware (mechanization) and digital software in software (automation); as a whole software has been growing systematically faster than hardware. Accumulation of digital software was a key contributor to US economic growth.
The calendar of all seminars within the Warsaw Economic Seminars series is available on the website: https://sites.google.com/site/warsaweconseminars/calendar
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The aim of the Warsaw Economic Seminars series is to create a platform for researchers and specialists from all over the world to present their research and share knowledge on economics and economic policy.
The participants can both listen to presentations and take part in discussions and present their own research to get feedback from other researchers and students.
