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Did capital replace labor? New evidence from offshoring
- Did capital replace labor? New evidence from offshoring
- Choi, Paul Moon Sub; Kim, Kee Beom; Seo, Jinyoung
- Ewha Authors
- SCOPUS Author ID
- Issue Date
- Journal Title
- B E JOURNAL OF MACROECONOMICS
- B E JOURNAL OF MACROECONOMICS vol. 19, no. 1
- job polarization; labor income share; morishima elasticity of substitution; offshoring; technological changes
- WALTER DE GRUYTER GMBH
- SSCI; SCOPUS
- Document Type
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- Neoclassical theory explains the global decline of the labor income share by capital-labor substitution due to the affordable relative price of capital. Based on the Morishima elasticities of substitution among capital, labor disaggregated into high-, medium-, and low-skill groups, and imported and domestic intermediate inputs, offshoring appears to disproportionately affect job polarization globally and in developed economies. These findings in favor of the globalization hypothesis are buttressed by multivariate panel regressions. Lastly, off-shoring might reinforce technological changes, a double-edged sword that can boost productivity growth but exacerbate wage inequality.
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