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Surplus labour economy affects technological advances.

By:

Palmer, Ransford

Material type: Text

TextPublication details: 1991Action note:

3/7/00 M2LMGR

Summary: Notes that in a surplus labour economy the engine of growth is not technology, but cheap labour. This means that jobs created require little training because production uses elemental technology. Contends that as surplus labour is absorbed over time, wages will rise, inducing firms to substitute capital for labour, and that the opportunity for substitution opens the way for new technology. Therefore, the less opportunity for the way for technology, the smaller the role of technology as an engine of growth.

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Item type	Current library	Status	Barcode
Analytic	CARICOM Documentation Centre	Available	0000000014918

Notes that in a surplus labour economy the engine of growth is not technology, but cheap labour. This means that jobs created require little training because production uses elemental technology. Contends that as surplus labour is absorbed over time, wages will rise, inducing firms to substitute capital for labour, and that the opportunity for substitution opens the way for new technology. Therefore, the less opportunity for the way for technology, the smaller the role of technology as an engine of growth.

3/7/00 M2LMGR

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