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O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O12 - Microeconomic Analyses of Economic DevelopmentĪcemoglu, Daren (2009). O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O14 - Industrialization Manufacturing and Service Industries Choice of Technology O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O15 - Human Resources Human Development Income Distribution Migration O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development Item Type:Īppropriate Wage to Economies of Scale for Growth: An Exploratory Study on New Paradigm for DevelopmentĮconomies of scale increasing return to scale labor wages industry interlinked unit cost reduction distribution of product
This is a potential new developmental paradigm where the increase in the labor wage entails a rise in the GDP, providing more jobs and better distribution of income. A conclusion is that under appropriate conditions the increase in the labor wage rate will raise the GDP, associated with more jobs and better income distribution. Aggregately it leads to a rise in the whole country production or Gross Domestic Product, entailing more jobs creation. It is expected that the rise in the labor wage should be less than the decrease of the unit cost, enabling higher sales. The wage could be a weighted wages in the sectors of the economy. Raising labor wage rate does not necessarily increase unit cost of production. Higher production volume is assumed to respond to higher demand, which is enabled by higher labor wage. The principle states that higher volume of production will have a declining unit cost.
Presently the idea of economies of scale in macroeconomics is in the ascent stage. Urbanization takes benefits from economies of scale. But fixed costs and indivisibilities are widely present in the economic activities. Alas, in macroeconomics field, the prevailing principle is the constant return to scales by rejecting the economies of scale without justifiable reasoning. Since long the economies of scale is mainly acknowledged in microeconomics.
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