Economic development,human capital and technical change: the question of machinery revisited |
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Authors: | Persefoni V Tsaliki |
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Institution: | (1) Department of Economics, Aristotle University of Thessaloniki, Thessaloniki, Greece |
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Abstract: | A systemic element of prevailing economic growth and development is the massive introduction of machinery into the production
process. The introduction of new technologies became decidedly a debated issue in economic analysis because of the dual character
of technology, which simultaneously creates and destroys employment, advances and deteriorates labor skills. This paper attempts
to introduce the relative issues and to assess the extent to which the introduction of machinery into the labor process improves
human capital or simplifies labor skills and forms a stream of unskillful laborers.
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Keywords: | Capital accumulation Machinery Labor process Unskillful labor Human capital |
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