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SUMMARY:Inelastic Capital in Intangible Economies
DTSTART;TZID=Europe/London:20260512T131500
DTEND;TZID=Europe/London:20260512T143000
DTSTAMP:20260512T052611Z
UID:7296d98d-6219-f111-8342-7c1e522d9057
CREATED:20260306T135835Z
DESCRIPTION:Capital in modern economies increasingly takes the form of int
 angible capital\, whose formation heavily depends on the contributions of 
 specialized workers—such as inventors\, managers\, and entrepreneurs. To
  examine the macroeconomic implications of this fact\, we develop and cali
 brate a general neoclassical model where capital formation requires both i
 nvestment goods (tangible investments) and specialized labor (intangible i
 nvestments). We show that rising intangibles renders the supply of capital
  more inelastic owing to the limited supply of specialized labor. Rising i
 ntangibles also change the incidence of capital taxation: whereas in tradi
 tional neoclassical models the tax burden falls entirely on production wor
 kers\, in intangible economies\, it is borne primarily by specialized work
 ers and capital owners.
LAST-MODIFIED:20260429T094723Z
LOCATION:Manor Road Building - Seminar Room A\, Seminar Room A Manor Road 
 Building Manor Road Oxford Oxfordshire OX1 3UQ United Kingdom
SPEAKER:Matthieu Gomez
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