TY  - JOUR
T1  - The Effects of Labor-Saving Technological Progress on Capital Accumulation: Evidence from NASDAQ-100 Firms
TT  - Emek Tasarruflu Teknolojik İlerlemenin Sermaye Birikimine Etkileri: NASDAQ-100 Firmaları Üzerine Bir Çalışma
AU  - Keleş, Naci İbrahim
AU  - Bulut, Necip
PY  - 2024
DA  - May
Y2  - 2024
DO  - 10.17336/igusbd.1141611
JF  - İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi
JO  - İGÜSBD
PB  - İstanbul Gelisim University
WT  - DergiPark
SN  - 2148-4287
SP  - 140
EP  - 156
VL  - 11
IS  - 1
LA  - en
AB  - This study delves into the impact of labor-saving technological progress on the capital accumulation of technology companies that have a substantial workforce consisting of highly skilled workers over the sample period from 2000/Q2 to 2021/Q3. To begin with, we estimate a three-equation system of the normalized-CES production function to derive labor-saving technical progress and the elasticity of substitution between capital and labor for NASDAQ-100 firms. Secondly, two linear regression models are estimated by using parameters acquired in the initial step to assess the impacts of labor-saving technological progress on capital accumulation. Based on the estimation results, labor-saving technological progress and the elasticity of substitution between capital and labor mitigate the upward trend of capital accumulation despite their stimulating impacts on economic value added in the NASDAQ-100 firms. These two adverse results are consistent with the concept of skill intensity in technology firms, referring to the difficulties of replacing automation with non-routine tasks and highly skilled workers. In this sense, along with the insufficient replacement of technological progress with labor, the detrimental effects of technological progress on capital accumulation widen the gap between labor productivity and labor compensation during profit expansion periods. These negative consequences are mitigated by worker layoffs during profit-downsizing periods, despite its accelerating impact on economic value added.
KW  - Labor-Saving Technological Progress
KW  - Capital Accumulation
KW  - Technology Firms
KW  - Labor Compensation
KW  - CES Production Function
N2  - Bu çalışma, 2020 yılının ikinci çeyreğinden 2021 yılının üçüncü çeyreğine kadar olan örnekleme döneminde, nispeten fazla sayıda yüksek vasıflı işçi çalıştıran teknoloji firmalarında emek tasarrufu sağlayan teknolojik ilerlemenin sermaye birikimi üzerindeki etkilerini araştırmaktadır. İlk olarak, NASDAQ-100 firmaları için emek tasarruflu teknolojik ilerleme ve sermaye ve emek arasındaki ikame esnekliğini elde etmek için normalleştirilmiş CES üretim fonksiyonunun üç denklemli bir sistemi tahmin edilmiştir. İkinci olarak, emek tasarruflu teknolojik ilerlemenin teknoloji firmalarının sermaye birikimi üzerindeki etkilerini değerlendirmek adına ilk adımda elde edilen parametreler kullanılarak doğrusal bir regresyon modeli tahmin edilmiştir. Tahmin sonuçlarına göre, emek tasarruflu teknolojik ilerleme ve sermaye ile emek arasındaki ikame esnekliği, onların ekonomik katma değeri hızlandırıcı etkilerine ragmen, NASDAQ-100 firmalarının sermaye birikimlerindeki artış eğilimini yavaşlatmaktadır. Bu iki zıt sonuç, teknoloji firmalarında, otomasyonun rutin olmayan işlerin ve yüksek vasıflı çalışanların yerini almasındaki yetersizliğine işaret eden vasıf yoğunluğu konseptine uygundur. Bu bağlamda, emek tasarruflu teknolojik ilerleme, otomasyonun işgücünü yerinden etmedeki yetersizliğiyle birlikte, kar genişlemesi dönemlerinde, işgücü üretkenliği ve işgücü ödemeleri arasındaki uçurumu genişletmektedir. Teknolojik ilerlemenin ekonomik katma değere olan pozitif katkısına ragmen, bu negative sonuçlar kar daralması dönemlerinde, işten çıkarmalar ile yatıştırılmaktadır.
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UR  - https://doi.org/10.17336/igusbd.1141611
L1  - https://dergipark.org.tr/en/download/article-file/2529682
ER  -