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Title: Fixed Investment and the Technology Gap in the UK

Author(s): Michael Beenstock and Chris Whitbread

Publication Date: March 1988

Keyword(s): Aggregate Investment, Neo classical Investment, Technology and Trade Unions

Programme Area(s): Applied Macroeconomics

Abstract: United Kingdom investment is explained in terms of the international diffusion of technology, where the United States is assumed to be a technological leader and the United Kingdom a technological laggard. The gap between United Kingdom and United States capital-labor ratios is decomposed into four components: an adjustment gap, an information gap, an appropriate technology gap and a resistance gap. The factors that might influence the gap are hypothesized and it is found that the model gives a reasonable account of business investment since 1960.

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Bibliographic Reference

Beenstock, M and Whitbread, C. 1988. 'Fixed Investment and the Technology Gap in the UK'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=229