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Inelastic Capital in Intangible Economies
Capital in modern economies increasingly takes the form of intangible 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 calibrate a general neoclassical model where capital formation requires both investment goods (tangible investments) and specialized labor (intangible investments). We show that rising intangibles renders the supply of capital more inelastic owing to the limited supply of specialized labor. Rising intangibles also change the incidence of capital taxation: whereas in traditional neoclassical models the tax burden falls entirely on production workers, in intangible economies, it is borne primarily by specialized workers and capital owners.
Date:
12 May 2026, 13:15
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Seminar Room A
Speaker:
Matthieu Gomez (Columbia University)
Organising department:
Department of Economics
Part of:
Macroeconomics Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Edward Valenzano
