Law of Decreasing Labor Content

Emmanuel D. Farjoun; Moshé Machover; David Zachariah

doi:10.1007/978-3-030-93321-0_5

Law of Decreasing Labor Content

Emmanuel D. Farjoun^*, Moshé Machover, David Zachariah

^*Corresponding author for this work

Einstein Institute of Mathematics

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

Abstract

What are the implications of persistently decreasing L-content of various product baskets? What happens to employment across the economy? Can the law of decreasing labor content (ldlc) proceed to the near elimination of labor in production? What are the limits to the rate of decreasing L-content? How does this rate relate to conventional measures of labor productivity – based on monetary value added per worker-hour? These are the key questions we address in this chapter. Standard economic theory, in contrast, provides very little insight as to why the growth of monetary value added per worker-hour for a firm, or collection of firms, should be limited.

Original language	English
Title of host publication	New Economic Windows
Publisher	Springer-Verlag Italia s.r.l.
Pages	51-73
Number of pages	23
DOIs	https://doi.org/10.1007/978-3-030-93321-0_5
State	Published - 2022

Publication series

Name	New Economic Windows
ISSN (Print)	2039-411X
ISSN (Electronic)	2039-4128

Bibliographical note

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© 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

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10.1007/978-3-030-93321-0_5

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Law of Decreasing Labor Content

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