Fede , Ch is ophe; An onelli, C is iano
A icle
Inno a ion and labo sha e: Disen angling eme ging
global echnological ends
Jou nal o Inno a ion & Knowledge (JIK)
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Sugges ed Ci a ion: Fede , Ch is ophe; An onelli, C is iano (2025) : Inno a ion and labo sha e:
Disen angling eme ging global echnological ends, Jou nal o Inno a ion & Knowledge (JIK), ISSN
2444-569X, Else ie , Ams e dam, Vol. 10, Iss. 3, pp. 1-14,
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Inno a ion and labo sha e: Disen angling eme ging global
echnological ends
Ch is ophe Fede
a,*
, C is iano An onelli
b
a
Dipa imen o di Scienze Economiche e Poli iche, Uni e si `
a della Valle d’Aos a, and BRICK (Bu eau o Resea ch on Inno a ion, Complexi y, and Knowledge), Collegio
Ca lo Albe o. Polo Uni e si a io, Via Mon e Vodice, 11100 Aos a, I aly
b
Dipa imen o di Economia e S a is ica, Uni e si `
a di To ino and BRICK (Bu eau o Resea ch in Inno a ion Complexi y and Knowledge), Collegio Ca lo Albe o,
Dipa imen o di Economia e S a is ica "Cogne i de Ma iis", Campus "Luigi Einaudi", Lungo Do a Siena 100 A, 10153 To ino, I aly
ARTICLE INFO
JEL classi ica ion:
O33
D24
Keywo ds:
Labo sha e dynamics
Di ec ed echnological change
Fac o complemen a i y
Elas ici y o subs i u ion
Ou pu elas ici y
Knowledge economy
ABSTRACT
This pape ad ances ou unde s anding o he ans o ma i e ole o inno a ion in labo sha e dynamics o e
ecen decades o apid echnological e olu ion. We in oduce a no el me hodology o disen angle he di ec ion
and subs i u ion e ec s o echnological change, d awing on comp ehensi e Penn Wo ld Table (PWT) da a ac oss
136 coun ies om 1991 o 2019. The indings e eal no able empo al and spa ial a iabili y, challenging ixed-
pa ame e assump ions wi hin adi ional p oduc ion unc ions. Key insigh s include: (i) de eloped economies
exhibi a labo -o ien ed di ec ion o echnological change compa ed wi h de eloping coun ies; (ii) he e is a
pi o al shi om capi al-augmen ing o knowledge-augmen ing echnological pa hs in de eloped economies;
(iii) he e is a pe sis en complemen a i y be ween capi al and labo . These esul s sugges ha labo -o ien ed
echnological ad ancemen s a e boos ing labo sha e g ow h, especially in knowledge-d i en economies.
Finally, we explo e he p o ound implica ions o hese indings o poli ical and co po a e s a egy.
In oduc ion
The dynamics o he labo sha e a e puzzling, and hei examina ion
has eme ged as a ocal poin in he economics o inno a ion and
knowledge (Gil-Alana e al., 2020; Chen e al., 2022). Th oughou much
o he las cen u y, economis s ended o iew his a iable as cons an
(Kaldo , 1961; Keynes, 1939), consis en ly assuming ha echnological
change was neu al. In he la e pa o he cen u y, empi ical e idence
on he sha p changes in he sha es o inpu s in income p omp ed a
econside a ion o he neu ali y assump ion (Solow, 1958; Blancha d,
1997).
The obse a ion o non-neu al echnological change equi es a
p ecise dis inc ion be ween key concep s ha desc ibe i s di ec ion and
e ec s. Technological bias e e s o he sys ema ic endency o inno a-
ion o a o one p oduc ion ac o o e ano he , al e ing he ac o
sha es. Fac o in ensi y indica es he ex en o which a gi en echnology
elies mo e on one inpu ac o han he o he . In con as , augmen ing
echnological change e lec s a dynamic shi ha enhances he p o-
duc i i y o a speci ic inpu ac o . Fo ins ance, a coun y adop ing
capi al-in ensi e echnology is le e aging echnology ha p edomi-
nan ly u ilizes capi al a he han labo . I echnological change is also
capi al-augmen ing, his end is u he ein o ced. Howe e , i ech-
nological change is labo -augmen ing, i signals a shi ha inc eases
labo p oduc i i y ela i e o capi al, e en i he echnology i sel could
emain capi al-in ensi e.
By he u n o he cen u y, a s ong consensus eme ged a ound he
adi ional biased echnological change app oach, which posi ed ha
echnological change would be di ec ed owa ds he in ensi e use o
capi al due o he secula educ ion in capi al use cos s. Bo h heo e ical
and empi ical e idence suppo ed he hypo hesis ha he di ec ion o
echnological change was capi al-in ensi e (Acemoglu, 2002a; Ben olila
& Sain -Paul, 2003; Bassanini & Man edi, 2014; Ka aba bounis, 2024).
Recen ly, he li e a u e began o highligh a new global end: he
inc easing labo sha e and a shi owa ds a labo -in ensi e di ec ion o
echnological change (O’Mahony e al., 2021; Ugu , 2024; S ehe , 2024;
An onelli & Fede , 2020, 2021a, and 2021b).
The empi ical da a ha e e ol ed in acco dance wi h his esea ch,
wea ing a ich and in ica e apes y ha demands e en mo e ho ough
We g a e ully acknowledge he de ailed commen s and sugges ion o wo anonymous e e ees.This pape is pa o he p ojec NODES which has ecei ed unding
om he MUR – M4C2 1.5 o PNRR unded by he Eu opean Union - Nex Gene a ionEU (G an ag eemen no. ECS00000036).
* Co esponding au ho .
E-mail add esses: [email p o ec ed] (C. Fede ), [email p o ec ed] (C. An onelli).
Con en s lis s a ailable a ScienceDi ec
Jou nal o Inno a ion & Knowledge
jou nal homepage: www.else ie .com/loca e/jik
h ps://doi.o g/10.1016/j.jik.2025.100712
Recei ed 17 Decembe 2024; Accep ed 22 Ap il 2025
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
A ailable online 30 Ap il 2025
2444-569X/© 2025 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC
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explo a ion. Schola s a e now explo ing he unde lying causes behind
his puzzling e idence (Au o e al., 2020; De Loecke e al., 2020).
Among o he s, echnological change eme ges as a c ucial elemen in
unde s anding hese dynamics (S ockhamme , 2017; Yasa & Rejesus,
2020). Indeed, hese changes in labo sha e di ec ly esul om ech-
nological change h ough bo h he in oduc ion o di ec ed echnolog-
ical change, which al e s he ou pu elas ici y o p oduc ion ac o s, and
he echnological complemen a i y o p oduc ion ac o s, which a ec s
hei elas ici y o subs i u ion and accele a es he s uc u al ans-
o ma ion ha eshapes he sec o al composi ion o ad anced
economies.
The me hodology in oduced in his pape p o ides esh e idence o
his labo -augmen ing shi by disen angling he e ec s o he new di-
ec ion while accoun ing o changes in he elas ici y o subs i u ion.
These wo aspec s o echnological change a e closely in e wined.
Howe e , he li e a u e has adi ionally ocused on one aspec a a ime,
wi h a minimal a emp o analyze hem oge he . The li e a u e on
induced echnological change based upon he Cobb-Douglas (CD) p o-
duc ion unc ion app oach elies on Eule ’s heo em and u ilizes he
labo sha e o es ima e he ou pu elas ici y (Hicks, 1932; Acemoglu,
2002b and 2015; Fede , 2022) and subsequen ly gauges he di ec ion o
echnological change. In con as , he cons an elas ici y o subs i u ion
(CES) li e a u e p edic s an indissoluble link be ween labo sha e and
elas ici y o subs i u ion (A ow e al., 1961; Pike y & Zucman, 2014;
Balles a e al., 2021; Menga & Wang, 2023) and, consequen ly, on he
echnological complemen a i y o inpu s. Howe e , he u iliza ion o a
CES p oduc ion unc ion necessi a es he assump ion o cons an ac o
income sha es.
In summa y, s udies elying on s anda d p oduc ion unc ions o e -
look wo impo an changes ha ha e occu ed in de eloped economies
o e ecen decades: he change in he elas ici y o subs i u ion wi hin
coun ies (Mallick, 2012; Knoblach e al., 2020; Knoblach & S ¨
ockl,
2020; Ialen i & Pialli, 2024), and he endogenous di ec ion o echno-
logical change in a global economy cha ac e ized by compe i ion in
qui e homogeneous p oduc ma ke s be ween i als based in he e oge-
neous ac o ma ke s (Goos e al., 2014; Acemoglu, 2015).
This pape b idges hese wo bodies o li e a u e by in oducing a
no el p ocedu e o disen angle he e ec s o echnological change on
labo sha e. By applying his me hod o Penn Wo ld Table (PWT) na-
ional accoun s, we ob ain comp ehensi e e idence on he de e minan s
o labo sha e dynamics ac oss 136 coun ies om 1991 o 2019. All
a iables exhibi signi ican a iabili y o e ime and space, high-
ligh ing he inadequacy o p oduc ion unc ions ha assume in a ian
ou pu elas ici ies and elas ici y o subs i u ion (Pe ei a, 2003; Pali os,
2008; Bellocchi & T a aglini, 2023).
The p oposed disen angling p ocedu e is e sa ile and s aigh o -
wa d, enabling i s applica ion o a di e se ange o coun ies, including
hose acing po e y. These coun ies a e ypically he mos challenging
o moni o , despi e hei c i ical ele ance o income inequali y and
quali y o li e. The gene al applicabili y o his app oach enhances
global compa abili y and p o ides a b oade iew o mac o-le el ech-
nological ends. Al hough he e is signi ican he e ogenei y in he e-
sul s, ou indings sugges ha h ee majo shi s ha e eme ged: (i) a
decline in he labo -in ensi e di ec ion o echnological change in
de eloping coun ies; (ii) a ecen e e sal o his end in de eloped
coun ies; and (iii) a ise in he elas ici y o subs i u ion obse ed ac oss
mos coun ies.
The sugges ed decoupling echnique explains how he wo di-
mensions o echnological change in e ac o a ec he labo sha e,
aiming o cla i y i s complex pa h. Indeed, he inc ease in he elas ici y
o subs i u ion can mask he simul aneous in oduc ion o labo -
in ensi e echnologies. Indeed, bo h heo e ically and empi ically, he
wo componen s o he labo sha e end o o se each o he . This makes
he labo sha e o appea ela i ely s able despi e signi ican hidden
echnological changes shaping bo h he labo ma ke and income dis-
ibu ion. These wo ace s o echnological change may ei he ampli y
o mi iga e each o he .
All he e idence o his pape ega ding he global dynamics o he
labo sha e and he ole o he elas ici y o subs i u ion calls in o ques-
ion bo h he CD and CES p oduc ion unc ions, sugges ing he de el-
opmen o a new me hodological amewo k o app ecia e he join
e ec s o he changing le els o ou pu elas ici y and elas ici y o
subs i u ion.
The emainde o he pape is s uc u ed as ollows. Sec ion 2 ou -
lines he disen angling p ocedu e o de e mining he di ec ion and
subs i u abili y o echnological change. Sec ion 3 p o ides a de ailed
desc ip i e analysis o he empi ical e idence. Sec ion 4 p esen s an
in e p e a i e amewo k. Finally, Sec ion 5 summa izes he esul s and
highligh s he main policy and manage ial implica ions.
Pa i ioning me hodology
The li e a u e has de eloped he CD and he CES p oduc ion unc-
ions o es ima e, espec i ely, he ou pu elas ici y o p oduc i e ac o s
and hei elas ici y o subs i u ion. Howe e , he CD p oduc ion unc ion
iden i ies he ou pu elas ici y only unde he cons ain ha he elas-
ici y o subs i u ion always equals 1, and ac o sha es canno di e
om hei ou pu elas ici ies. Con e sely, he CES p oduc ion unc ion
iden i ies he elas ici y o subs i u ion a he cos o assuming cons an
le els o ac o income sha es (Blancha d, 1997; Ialen i & Pialli, 2024).
Assuming cons an e u ns o scale, whe e each ac o is emune a ed
based on i s ma ginal p oduc i i y wi hou any esidual e ec s, he
s anda d mic oeconomic heo y asse s ha , wi h a CD p oduc ion
unc ion, he labo compensa ion sha e in GDP is equi alen o he
ou pu elas ici y o labo . Con e sely, wi h a b oade CES p oduc ion
unc ion, he empi ical labo compensa ion sha e in GDP se es as he
dis ibu ion pa ame e .
I s de e mina ion is con ingen upon a speci ic le el o elas ici y o
subs i u ion, deno ed as
σ
. When
σ
is equal o 1, he CES p oduc ion
unc ion assumes he s uc u e o a CD unc ion, leading o he labo
sha e being equi alen o he ou pu elas ici y o labo . O he wise, in a
capi al-abundan coun y whe e he elas ici y o subs i u ion is g ea e
(less) han 1, he labo sha e is highe (lowe ) han he ou pu elas ici y
o labo . The Appendix p o ides a demons a ion o his ela ionship and
e e ses he esul o labo -abundan coun ies, al hough he PWT da a
show ha all coun ies a e capi al-abundan . In ui i ely, in capi al-
abundan coun ies, he labo sha e dec eases due o he echnological
subs i u ion o labo wi h capi al, unless labo and capi al a e highly
complemen a y (i.e., he elas ici y o subs i u ion is low). Con e sely, in
labo -abundan coun ies, he labo sha e inc eases as capi al is
subs i u ed wi h labo , and his e ec is s onge when he wo inpu s a e
subs i u es.
The s anda d CES p oduc ion unc ion, which agg ega es p oduc i e
ac o s be ween capi al (K)and labo (L),assumes he ollowing o m:
Y=A[(1−β)K
ρ
+βL
ρ
]1/
ρ
,(1)
whe e Y is he GDP; A is he TFP; L is he labo ; K is he capi al;
σ
=1/(1−
ρ
)is he elas ici y o subs i u ion; and β is he empi ical labo
compensa ion sha e in GDP.
The s anda d app oach o es ima ing he CES p oduc ion unc ion is
ia he no maliza ion me hod (Klump e al., 2012), which p esen s
se e al ad an ages in pa ame e iden i ica ion and es ima ion, including
he elas ici y o subs i u ion. I espec i e o he in eg a ion o
ac o -augmen ing echnical change, in his p ocedu e, bo h capi al and
labo sha es a e ixed o hei na ional accoun ing equi alen s unde he
assump ion o pe ec compe i ion. The e o e, he labo sha e alue can
be di ec ly de i ed h ough s anda d na ional accoun ing p ac ices and
equals he labo compensa ion sha e in GDP, which is de ined as he
o al labo compensa ion o e he na ional income. This empi ical labo
sha e indica es he p opo ion o ou pu alloca ed o employee
compensa ion compa ed wi h he sha e designa ed o capi al, and i is
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
2
ma hema ically exp essed as:
β=wL
Y,(2)
whe e w is he uni a y cos o labo .
Vice e sa, wi h a CD p oduc ion unc ion:
Y=AK1−βCD LβCD ,(3)
he op imal alloca ion o ac o s is de i ed om i s equilib ium solu ion:
βCD
1−βCD
K
L=w
,(4)
whe e is he uni a y cos o capi al.
I is hus easible o compu e he labo sha e alue in he CD p o-
duc ion unc ion, βCD, as ollows:
βCDK
L=w
(1−βCD)
βCD =w
/(K
L+w
).(5)
Assuming a CD p oduc ion unc ion and he alidi y o Eule ’s he-
o em, his heo e ical labo sha e could also be in e p e ed as he ou pu
elas ici y o labo . I s changes migh be ega ded as he ou come o he
in oduc ion o di ec ed echnological change. I βCD >(<)0.5, i in-
dica es a (capi al-) labo -in ensi e di ec ion o echnological change.
Fu he mo e, an inc ease (dec ease) in he ou pu elas ici y o labo ,
ΔβCD >(<)0,deno es a (capi al-) labo -augmen ing echnological
change.
I he elas ici y o subs i u ion is equal o 1,
σ
=1, he wo p oduc-
ion unc ions yield he same labo sha e o e GDP, β =βCD. O he wise,
as desc ibed in he Appendix, in capi al-abundan coun ies, i β
>(<)βCD, hen
σ
>(<)1. Consequen ly, when K>L, he e is an ex a
componen o he labo sha e, deno ed as β
σ
which se es as a p oxy o
he elas ici y o subs i u ion and can be calcula ed by compa ing (2) and
(5):
β
σ
=β−βCD.(6)
The di e ence be ween he CD and he empi ical labo sha es se es
as a eliable measu e o he e ec s o he changing le els o he elas ici y
o subs i u ion. Indeed, when, in capi al-abundan coun ies, he ech-
nology makes p oduc ion ac o s subs i u e (complemen ), he elas ici y
o subs i u ion is la ge (lowe ) han 1,
σ
>(<)1, and he labo sha e is
la ge (smalle ) han he ou pu elas ici y o labo , β
σ
>(<)0. The e-
o e, ele a ing posi i e (nega i e) alues o he ex a componen o he
labo sha e, Δβ
σ
>(<)0, indica es a end whe e labo inc easingly
subs i u es (complemen s) capi al.
The de i a ion o (4)–(6) elies on he assump ion o cons an e u ns
o scale and equilib ium in bo h ac o and p oduc ma ke s, as
embedded in he p oduc ion unc ion (3). Howe e , besides changes in
he elas ici y o subs i u ion, he unexplained componen o he labo
sha e may s em om ei he depa u es om equilib ium in ac o
ma ke s o non-cons an e u ns o scale. In he Appendix, we demon-
s a e ha he beha io o he elas ici y o subs i u ion closely mi o s
ha o he esidual labo sha e, sugges ing ha a ia ions in he elas-
ici y o subs i u ion a e he p edominan ac o . Consequen ly, while
depa u es om equilib ium o non-cons an e u ns o scale migh ha e
some impac , hei in luence appea s ma ginal in compa ison. This
inding could sugges ha economic sys ems a e no pe pe ually ou o
equilib ium bu a he a e cha ac e ized by con inuous change. An
al e na i e iew is ha he e ec s o ma ke disequilib ium and a iable
e u ns o scale a e mo e s ongly e lec ed in he TFP measu e han in
he labo sha e. Al hough hese explana ions may no hold uni o mly
ac oss all indus ies o coun ies, hey unde sco e he necessi y o
p oduc ion unc ions ha can dynamically adjus o e ol ing
echnological componen s.
In his pape , we implici ly associa e echnological change wi h
echnological ad ancemen s, hough he in e p e a ion can be b oade .
Indeed, he e a e h ee addi ional possible in e p e a ions, each com-
plemen a y o inno a ion: (i) s uc u al change d i ing al e a ions in
p oduc ion o sec o al mixes; (ii) ou -o -equilib ium condi ions; and (iii)
o he exogenous ac o s, such as ins i u ions o he labo o ce size.
While all hese a iables con ibu e o explaining he labo sha e,
mo ing o wa d, echnological change will be b oadly in e p e ed as
p oduc i i y change, encompassing all hese ac o s oge he . Fu he -
mo e, bo h he Appendix and he li e a u e on induced echnological
change make clea ha echnological change a ec s bo h he ou pu
elas ici y and he subs i u abili y o p oduc ion ac o s, oge he
explaining almos all he a iabili y in he labo sha e.
The p oposed me hodology becomes inc easingly ele an as he
scope o echnological change expands. In line wi h he Schumpe e ian
legacy, ou analysis iews echnological change as encompassing no
only he in oduc ion o new p oduc s and p ocesses bu also he
adop ion o new inpu s, en y in o new ma ke s, and, impo an ly, he
de elopmen o new models o managemen and labo o ganiza ion
wi hin i ms, along wi h shi s in he sec o al composi ion o an eco-
nomic sys em. The p oposed me hodology o e s signi ican ad an ages.
Fi s ly, i s ema kable simplici y o es ima ion acili a es he measu e-
men o he wo componen s o he labo sha e ac oss a wide ange o
scena ios. Fo ins ance, i allows o he e inemen o he g anula i y o
p e ious analyses. Secondly, his me hodology combines an o e all
measu e o bo h elas ici y (ou pu and subs i u ion) le els and hei
impac on labo sha e. This double na u e enables, o ins ance, he
measu emen o he impo ance o each p oduc i e componen and hei
compa ison.
Empi ical analysis
Da abase
All p e iously desc ibed measu es can be eadily empi ically
compu ed o a di e se a ay o coun ies and yea s by u ilizing he
s anda d da a o he PWT e sion 10.01 (Feens a e al., 2015). Speci -
ically, we le e age he ollowing a iables: he labo compensa ion
sha e in GDP a cu en na ional p ices (β); he ou pu -side eal GDP a
cu en PPPs in millions o 2017 US Dolla s (Y); he numbe o pe sons
engaged in millions (L); he capi al s ock a cu en PPPs in millions o
2017 US Dolla s (K); and he eal in e nal a e o e u n ( ).
Reg e ably, a genuinely dynamic es ima e o he labo compensa-
ion sha e in GDP only becomes a ailable wi h he ad en o he new
gene a ion o PWT coun ies (Feens a e al., 2013; Inklaa & Timme ,
2013). Consequen ly, we p opose a comp ehensi e da abase encom-
passing 136 coun ies spanning 1991 o 2019 (i.e., when nea ly all
coun ies exhibi a ying labo sha e alues o e ime). Table 2 enu-
me a es he coun ies.
F om a global pe spec i e, 1991 ma ks he beginning o a pe iod
cha ac e ized by inc eased globaliza ion and he eme gence o ans-
o ma i e echnologies. Indeed, he ea ly 1990s can be ega ded as he
s a o in ense globaliza ion and he ad en o g oundb eaking in-
no a ions such as he In e ne , mobile communica ions, and digi al
compu ing, which ha e since e-de ined he wo ld economy. This en-
ables ou analysis o ocus on he dynamics o labo ma ke s and ech-
nological change om hei ea ly s ages.
The labo sha e is a aluable me ic o obse ing i s ac ual alue
(β)and he uni a y wage (w). Indeed, om (2), he wage le el is di ec ly
de ined as:
w=βY
L.(7)
Consequen ly, (5) and (6) allow us o quan i y he labo sha e in a CD
p oduc ion unc ion (βCD)and he ex a labo sha e (β
σ
). The i s
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
3
ocuses on ou pu elas ici y, while he second o e s aluable insigh s
in o he le el o he elas ici y o subs i u ion. Bo h elemen s a e in i-
ma ely ied o echnological ad ancemen s, p o iding an accu a e
measu e and a mo e p o ound comp ehension o empo al and spa ial
economic ans o ma ions. Remembe ha when βCD is g ea e (o less)
han 0.5, echnologies a e labo - (o capi al-) in ensi e. This means ha
i βCD >0.5, labo p oduc i i y is highe han capi al p oduc i i y, and
ice e sa. Mo eo e , i βCD inc eases (o dec eases), he echnological
change is labo - (o capi al-) augmen ing, meaning ha i enhances he
p oduc i i y o labo (o capi al). Finally, in capi al-abundan coun ies,
whe e K/L>1, i β
σ
is less (o g ea e ) han 0, echnology makes labo
complemen a y (o subs i u i e) o capi al.
To analyze he empo al and spa ial a iabili y o he de i ed labo
sha e componen s, we used panel da a. Fo each coun y and yea , he
PWT da abase di ec ly p o ides he labo compensa ion sha e in GDP
(β), he uni a y cos o capi al ( ) de i ed om he eal in e nal a e o
e u n, and he labo -capi al a io (K/L) based on he capi al s ock and
he numbe o pe sons engaged. The elas ici y o subs i u ion (
σ
) was
hen implici ly de i ed using he ela ionship ou lined in he Appendix.
Finally, he labo sha e unde he Cobb-Douglas assump ion (βCD) and
he ex a labo sha e (β
σ
) we e compu ed di ec ly om eqs. (5) and (6),
espec i ely. Ou analysis p ima ily examines he e olu ion o hese
de i ed measu es and hei c oss-coun y a ia ions, o e ing insigh s
in o he changing na u e o echnological p og ess wi hou imposing
ixed pa ame e s, as is o en done in adi ional p oduc ion unc ion
es ima ions.
Table 1 p esen s he main desc ip i e s a is ics o all he a iables
unde conside a ion. The las h ee ows a e o pa icula impo ance o
ou objec i es. No ably, he mean, a iabili y, and ange o alues o
labo sha e in he CD p oduc ion unc ion (βCD)exceed hose obse ed
in he empi ical labo sha e (β). These o e all ai s sugges ha he key
o unde s anding he le els and e ec s o he elas ici y o subs i u ion
o e he empi ical labo sha e ends o be nega i e and he e ogeneous.
Consequen ly, he global elas ici y o subs i u ion is, on a e age, below
uni y, implying ha capi al and labo a e complemen a y. Addi ionally,
i becomes appa en ha β
σ
canno be econciled wi h he ou pu elas-
ici y le els de i ed om he equilib ium Cobb-Douglas (βCD). Finally,
he a iabili y and magni ude o he h ee alues (β, β
σ
, and βCD) un-
de sco e he impo ance o he opic, which we will now explo e in
g ea e de ail.
The empi ical e idence abou he dynamics o he labo sha e
Fig. 1 depic s he spa ial he e ogenei y o he a e age alues o labo
sha e o he 136 coun ies unde conside a ion. The shading in ensi y
co esponds o he magni ude o he alues, wi h da ke shades indi-
ca ing highe alues. No ably, No h Ame ica s ands ou wi h signi i-
can ly high labo sha es. In Cen al and Sou h Ame ica, labo sha e
ends o be compa a i ely lowe . Howe e , ce ain coun ies like
Ecuado o Jamaica exhibi alues compa able o hose o Canada and
he Uni ed S a es, which is di icul o explain wi hou del ing in o he
composi ion o he labo sha e. In Eu ope, alues a e gene ally mode -
a ely ele a ed, wi h he ema kable excep ion o I eland. Aus alia and
New Zealand showcase alues on a pa wi h Eu ope, while he es o
Oceania displays lowe alues. Simila ly, in Asia, mos coun ies ha e
uppe -mid ange alues o labo sha e (e.g., China, India, Russia, and
Thailand), al hough o he s exhibi low labo sha es, pa icula ly in he
A abian Peninsula. E en in A ica, labo sha e ends o be low o e all,
bu signi ican ou lie s exis , such as Kenya, Rwanda, Sudan, and Togo,
which boas some o he highes labo sha es globally.
Fig. 2 shows he a e age labo sha e o e 29 yea s. The cen al line
depic s he mean alues o he labo sha e o each conside ed yea . The
dynamics analysis e eals ha he labo sha e expe ienced a gene al
decline un il 2006, when i s opped. Since 2011, he global labo sha e
has sligh ly e e sed i s end. A simila end is obse ed o non-OECD
coun ies ( he ligh e line). No ably, he labo sha e in hese coun ies
consis en ly lags behind he a e age. Indeed, despi e he mo e p o-
nounced U-shape, he labo sha e emains low and jus below 0.5.
Con e sely, OECD coun ies ( he da ke line) demons a ed a consis-
en ly highe a e age labo sha e h oughou he en i e pe iod, always
la ge han 0.55. Addi ionally, he declining end was less p onounced,
while in ecen yea s, he e has been a g adual inc ease in he labo
sha e.
The e idence on dynamics sugges s ha , o e he pas 29 yea s, he
labo sha e has ollowed a U-shaped end in bo h OECD and non-OECD
coun ies. I is c ucial o asce ain whe he his end esul s om he
new labo -augmen ing di ec ion o echnological change and o assess
whe he he dynamics o he elas ici y o subs i u ion ein o ce o
weaken i .
The labo ou pu elas ici y
Fig. 3 eplica es Fig. 1 and ep esen s he spa ial dis ibu ion o he
a e age ou pu elas ici y o labo . While he op-six coun ies wi h he
highes alues o a e age labo ou pu elas ici y a e all loca ed in sub-
opical egions, i is no ewo hy ha coun ies in he no he n hemi-
sphe e gene ally exhibi a la ge alues han hei sou he n
coun e pa s. This e idence s a kly con adic s he p e ailing heo y.
Indeed, he labo ou pu elas ici y is signi ican ly highe in coun ies
whe e capi al is supposed o be abundan ela i e o labo and ice
e sa. Ky gyzs an, Moldo a, Russia, Swi ze land, and Uk aine egis e
he highes alues abo e he T opic o Cance . Addi ionally, China,
No h Ame ica, and se e al Eu opean na ions also display no able le els
o a e age ou pu elas ici y. Con e sely, ce ain Eu opean coun ies (e.
g., I aly, G eece, and I eland), Cen al Ame ica, and he Middle Eas
show, on a e age, lowe ou pu elas ici ies o labo , esembling hose
ound in sub-equa o ial coun ies. In summa y, adi ional heo ies o
di ec ed echnological change ‒ which a gue ha echnological change
should shi owa ds a capi al-augmen ing di ec ion due o he secula
decline in capi al use cos s and he ela i e ise in wages ‒ appea o
hold ue only o a limi ed numbe o less-de eloped coun ies.
This c oss-sec ional solid e idence sugges s ha he ou pu elas ici y
o labo and, hence, he labo in ensi y o echnology a e s onge in
coun ies whe e wages and e enue pe capi a a e la ge . Like Fig. 2,
Fig. 4 illus a es he e olu ion o he analyzed a iable, in his case, he
a e age ou pu elas ici y, 1991-2019. The global end ( he cen al line)
declines om 0.65 o 0.56. The end was e en mo e s iking o non-
OECD coun ies ( he ligh e line), expe iencing a d op o o e en pe -
cen age poin s. A mo e in ica e pa e n eme ged o OECD coun ies. In
he ea ly 1990s, he decline was mos p onounced, bu he e was a e-
co e y a ound he u n o he cen u y, eaching i s highes a e age alue
in 2002 (0.658). In he subsequen yea s, i ollowed he global
dec easing end. Howe e , since 2014, labo ou pu elas ici y has
esumed g ow h.
The heo y o di ec ional echnological change e ec i ely elucida es
he non-OECD ends depic ed in Fig. 4. Speci ically, de eloping coun-
ies showcase labo -in ensi e, βCD >0.5, bu capi al-augmen ing,
Table 1
Desc ip i e s a is ics.
Va iable Numbe o
obse a ions
Mean S anda d
de ia ion
Minimum
alue
Maximum
alue
Y3,944 571,378.0 1,829,302 182.6549 20,566,034
K3,944 2,213,794 7,008,301 336.0125 99,462,136
R 3,944 0.116325 0.079482 0.010000 0.723917
L3,944 18.40782 75.63974 0.008700 799.3066
w3,944 21,266.68 18,455.26 262.4887 88,005.45
β3,944 0.513906 0.123710 0.089657 0.902989
βCD 3,944 0.608687 0.159853 0.175048 0.990013
β
σ
3,944 -0.094781 0.104491 -0.495780 0.188686
Sou ce: PWT 10.01 and ou own elabo a ion.
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
4
ΔβCD <0, echnologies. Con e sely, he OECD ends p esen a some-
wha su p ising pa e n: (i) echnological change is, on a e age, mo e
labo -in ensi e han in de eloping coun ies; (ii) echnological change
has been labo -augmen ing a leas since 2014.
The elas ici y o subs i u ion
Fig. 5 displays he a e age ex a labo sha e alues ‒ ou clue o he
elas ici y o subs i u ion ‒ ac oss a ious coun ies. The dynamics o he
ex a labo sha e con i m ha he elas ici y o subs i u ion changes
conside ably ac oss coun ies and o e ime and exhibi s high le els o
a iance (Bellocchi & T a aglini, 2023). Excep o Oceania, each
con inen includes a leas one coun y which displays a posi i e alue,
indica ing an elas ici y o subs i u ion la ge han 1. Howe e , only 17
na ions exhibi a posi i e a e age alue: A gen ina, Bah ain, Bo swana,
Cayman Islands, Cyp us, G eece, I eland, Is ael, I aly, Lao People’s DR,
Luxembou g, Macao, Mal a, Po ugal, Singapo e, Tu key, and U uguay.
In hese coun ies, he elas ici y o subs i u ion is abo e 1 (i.e., hey
employ echnologies ha suppo he enhanced subs i u abili y be ween
capi al and labo ). In hese cases, i ms in oduce new echnologies ha
enable hem o be e eac in he subs i u ion p ocess: when wages in-
c ease, i ms can sha ply educe employmen le els.
In he emaining 119 sc u inized coun ies, he elas ici y o subs i-
u ion is smalle han 1 (i.e., hey employ echnologies ha suppo he
complemen a i y be ween capi al and labo ). In o he wo ds, he in-
c ease in ei he ac o ’s cos esul s in a co esponding ise in i s income
sha e wi hou any change in i s ou pu elas ici y. Ne e heless, he
nega i e a e age ex a labo sha e alues a e no pa icula ly subs an ial
in (No h and Sou h) Ame ica and Eu ope. A simila pa e n eme ges in
Oceania and Asia, om China downwa ds. In con as , he a e age ex a
componen o he labo sha e is no ably nega i e in he emaining Asian
coun ies and A ica. This likely s ems om he ac ha , in mo e
de eloped coun ies, labo is highly skilled and ends o be mo e lexible
and adap able, educing he ele ance o complemen a i y wi h capi al
compa ed wi h wo ke s in de eloping coun ies.
Symme ical o Figs. 2 and 4, Fig. 6 shows he empo al a ia ions in
he ex a componen o he labo sha e. The alues a e consis en ly
nega i e, suppo ing an elas ici y o subs i u ion lowe han 1 no only
spa ially bu also empo ally. Howe e , he global end ( ep esen ed by
he cen al line) is on an upwa d ajec o y o e he analyzed pe iod,
indica ing an inc ease in he elas ici y o subs i u ion. In o he wo ds,
while echnologies acili a e he swi complemen a i y be ween p o-
duc ion ac o s, his capabili y is dec easing o e ime. I is wo h no ing
ha he new pa e n has been consolida ing a he u n o he cen u y.
Simila ends a e e iden o non-OECD coun ies, al hough hei
a e age alues a e always lowe han he global a e age. Con e sely, in
OECD coun ies, he end akes a U-shape, wi h mid-1990s alues no
di e ing signi ican ly om hose in 2019.
This analysis p o ides di ec insigh s in o he le els and a es o
change in he elas ici y o subs i u ion ‒ a c ucial and key echnological
aspec ‒ ac oss coun ies and o e ime. In gene al, ou esul s align
wi h he mos ecen empi ical li e a u e ha obse es an elas ici y o
subs i u ion lowe han 1 (Mallick, 2012; Fede ici & Sal a i, 2016;
Chi inko & Mallick, 2017; Obe ield & Ra al, 2021), al hough he e a e
no able excep ions. The analysis o Figu e 6 e eals ou signi ican and
somewha su p ising indings: (i) capi al and labo a e complemen a y
p oduc ion ac o s; (ii) o e all, he le els o he elas ici y o subs i u ion
ha e inc eased o e ime; (iii) de eloping coun ies exhibi a lowe
deg ee o echnological complemen a i y be ween ac o s compa ed
wi h de eloped ones; and (i ) since he end o he las cen u y, he
elas ici y o subs i u ion end has become con ex, pa icula ly in
Fig. 1. The geog aphical dis ibu ion o he a e age labo sha e.
Sou ce: PWT 10.01 and ou own elabo a ion.
Fig. 2. The a e age labo sha e o e ime.
Sou ce: PWT 10.01 and ou own elabo a ion.
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
5
non-OECD coun ies.
Indeed, in OECD coun ies, he ansi ion o a knowledge economy,
whe e labo is he pi o al elemen , is al eady unde way. Mo eo e , e -
iciency wages and labo hoa ding a e becoming commonplace p ac ices
in many coun ies, exe ing a posi i e impac on he elas ici y o sub-
s i u ion and, consequen ly, boos ing he labo sha e (S igli z, 1976;
A i , 2021; Acemoglu, 2015).
I is in iguing o no e ha his same U-shaped pa e n is mi o ed in
he labo sha e end. Indeed, ini ially, echnologies ha diminish
complemen a i y be ween ac o s acili a e he capi al-augmen ing di-
ec ion o echnological change, pa icula ly in non-OECD coun ies. In
ecen yea s, a new end has been ound in OECD coun ies: he deg ee
o complemen a i y among p oduc i e ac o s is ising. This (ex a)
componen educes he g ow h in he OECD’s labo sha e bu is insu -
icien o e e se i s pa h, d i en by labo -augmen ing echnological
changes.
The ollowing subsec ion will u he explo e he compa ison be-
ween he wo echnological componen s o labo sha e.
An o e all compa ison
The no el me hodology de eloped in his pape has enabled us o
disen angle he dual e ec s o echnological change on he global dy-
namics o he labo sha e. This has allowed us o iden i y bo h he U-
shaped end in labo ou pu elas ici y and he inc easing le els o he
elas ici y o subs i u ion. Ou indings sugges ha he echnological
changes associa ed wi h he ea ly phases o knowledge economy, such as
au oma ion and digi aliza ion, ha e gene ally educed bo h he labo -
augmen ing di ec ion and i s complemen a i y wi h capi al in de el-
oping coun ies. Howe e , his end appea s o be e e sing in de el-
oped coun ies, whe e human capi al is mo e abundan , wi h he ad en
o mo e ad anced digi al echnologies. Since he mid-2010s, inno a ions
such as he in e ne o hings and collabo a i e obo ics seem o enhance
bo h he labo -augmen ing di ec ion and complemen a i y be ween
labo and capi al, po en ially eshaping he global ajec o y o labo
sha e dynamics.
The ise o emo e wo king and he ansi ion o he Fou h Indus ial
Re olu ion, cha ac e ized by ad ances in a i icial in elligence and
digi al echnologies, will also eshape he ela ionship be ween capi al
and labo . These ans o ma ions will allow i ms o expand hei capi al
in es men s ac oss a b oade ange o ac i i ies, po en ially educing he
o e all elas ici y o subs i u ion by s eng hening complemen a i ies
be ween skilled labo and digi al ools. Howe e , in some con ex s,
au oma ion and based sys ems on a i icial in elligence may imp o e
subs i u abili y by simpli ying ou ine asks and educing eliance on
human labo . Fu he mo e, he g owing a ailabili y o da a and he ise
o da a-d i en decision making could imp o e he e iciency o esou ce
alloca ion, po en ially al e ing he dynamics o subs i u abili y be ween
p oduc ion ac o s depending on how i ms exploi hese echnologies.
Table 2 del es in o he spa ial he e ogenei y o hese wo e ec s. In
OECD coun ies, echnology ends o be labo -in ensi e, wi h βCD >0.5,
and exhibi s complemen a i y among p oduc i e ac o s, wi h β
σ
<0. In
non-OECD coun ies, he di ec ionali y o echnological change a ies
widely among coun ies, e en hough he echnological subs i u abili y
o p oduc i e ac o s is gene ally highe han in OECD coun ies. I is
in iguing o no e ha , in he ew coun ies whe e β
σ
>0, he e is bo h a
subs i u abili y be ween capi al and labo and a low di ec ion o ech-
nological change owa ds labo (i.e., βCD is low).
This e idence, in which he wo e ec s coun e balance each o he ,
appea s o be pe asi e ac oss all analyzed coun ies. This obse a ion
Fig. 3. The geog aphical dis ibu ion o he a e age ou pu elas ici y.
Sou ce: PWT 10.01 and ou own elabo a ion.
Fig. 4. The a e age ou pu elas ici y o e ime.
Sou ce: PWT 10.01 and ou own elabo a ion.
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
6
has a clea heo e ical explana ion. The di ec ionali y o induced ech-
nological change heo y assumes a Cobb-Douglas elas ici y o subs i u-
ion (i.e.,
σ
=1). In eal-wo ld scena ios, when he cos o labo exceeds
he cos o capi al,
1
i ms end o subs i u e labo wi h capi al. Howe e ,
when p oduc i e ac o s a e complemen a y, i becomes impossible o
eplace he mo e expensi e ac o (labo ) wi h he cheape one (capi al).
In his case, highe wages inc ease he labo sha e wi hou educing he
amoun o labo employed. Con e sely, when he elas ici y o subs i u-
ion is g ea e han 1, i becomes easie o subs i u e labo wi h capi al,
causing he labo sha e o dec ease apidly.
The key me hodological insigh he e is ha , despi e being a e ages,
bo h componen s o echnological change display signi ican a iabili y.
This sugges s ha simila labo sha e alues can a ise om ma kedly
di e en ci cums ances. Essen ially, each coun y’s obse ed a e age
labo sha e esul s om he cumula i e impac o hese wo a e age
componen s. Fo ins ance, while he Uni ed S a es and Spain may sha e a
simila labo sha e in GDP, he unde lying alues o he wo componen s
in absolu e e ms a e conside ably la ge in he Uni ed S a es. An e en
mo e p onounced dis inc ion is e iden in he compa ison be ween I aly
and Russia. Al hough hei labo sha es appea simila , he s uc u e o
he wo coun ies is e y di e en . Indeed, I aly has a low labo ou pu
elas ici y (0.51), augmen ed by a small and posi i e ex a labo sha e
(0.01). Con e sely, Russia has a high labo ou pu elas ici y (0.82), ye
he ex a labo sha e is la ge and nega i e. In o he wo ds, seemingly
compa able obse ed labo sha e alues s em om conside able di e -
ences in he complemen a i y and di ec ion o echnological change.
No ably, some o he lowes le els o β
σ
a e obse ed in se e al
o me So ie Union coun ies (e.g., Russia -0.29, Aze baijan -0.27,
Geo gia -0.18, Kazakhs an -0.30, Ky gyzs an -0.23, Uk aine -0.26,
Tajikis an -0.34). This inding aligns wi h he hypo hesis p oposed by
Nakamu a (2015) and Knoblach & S ¨
ockl (2020), which sugges s ha
planned economies end o exhibi a lowe capaci y o subs i u e p o-
duc ion ac o s. Nakamu a (2015) a gues ha in such con ex s, dis o ed
p ices and igid economic policies es ic ed i ms’ incen i es and au-
ho i y o e icien ly subs i u e capi al o labo . Meanwhile, Knoblach
and S ¨
ockl (2020) highligh he ole o ins i u ional amewo ks in
shaping he e ec i e elas ici y o subs i u ion. Ou empi ical indings
sugges ha he legacy o cen alized economic sys ems may ha e le a
las ing imp in on he labo ma ke dynamics o hese economies,
opening up in iguing a enues o u u e esea ch.
Fig. 7 complemen s Table 2 by p esen ing bo h CD (in blue) and CES
(in g een) a e age labo sha es o each coun y based on PWT da a.
Gene ally, he empi ical alues a e lowe han he heo e ical ones, and
his dispa i y is a ibu ed o he ex a labo sha e componen : he
elas ici y o subs i u ion is below 1. Mo eo e , i con i ms he conclusion
o Chen e al. (2022) ha he di ec ional e ec is he main posi i e
componen o he inc ease in he labo sha e. Once again, his g aphical
ep esen a ion unde sco es he p o ound a ia ions in he analyzed
phenomena and highligh s he ele ance o he dual and ye in e wined
e ec s o echnological change o e labo sha e: he elas ici y o sub-
s i u ion and ou pu elas ici y.
Bo h he s anda d CD and CES app oaches a e hen inapp op ia e o
analyzing he dynamics o he labo sha e. The labo sha e keeps
changing wi h high le els o a iance ac oss coun ies and ime because
o he unde lying con inual in oduc ion o echnological and o gani-
za ional inno a ions ha change bo h he labo ou pu elas ici y and he
elas ici y o subs i u ion. Accoun ing p ocedu es based upon ei he he
Fig. 5. The geog aphical dis ibu ion o he a e age ex a labo sha e.
Sou ce: PWT 10.01 and ou own elabo a ion.
Fig. 6. The a e age ex a labo sha e o e ime.
Sou ce: PWT 10.01 and ou own elabo a ion.
1
Al hough he compa ison be ween he ac o cos s depends on he uni o
measu emen used, Zule a’s (2012) me hodology allows us o con i m he
excellen app oxima ion p o ided by he PWT.
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
7
cons an uni a y alue o he elas ici y o subs i u ion, as in he CD, o
he in a ian le els o he ac o ou pu elas ici y, as in he CES, a e
un eliable and likely o yield inaccu a e in o ma ion.
The no el me hodology implemen ed by his pape a he na ional
le el can also be applied success ully a he indus ial and egional
le els, con ibu ing o he s uc u alis app oach o he economics o
de elopmen wi h in-dep h analyses o he e ec s o all he aspec s o
echnological change ‒ in e ms o a e, di ec ion, and elas ici y o
subs i u ion ‒ on he changing s uc u e o economic sys ems.
An in e p e a i e amewo k
The new e idence o he c oss-sec ional and in e empo al dynamics
o he dis ibu ion o he ou pu elas ici y o labo and o he elas ici y o
subs i u ion calls o an in e p e a i e amewo k ha in eg a es and
econside s con ibu ions om es ablished heo ies. Me ging di e en
app oaches in o a single cohe en in e p e a i e amewo k p o ides a
obus basis o unde s anding he no el pa e ns iden i ied in ou
app oach.
This sec ion explo es he eme ging di ide be ween wo dis inc
g ow h egimes: he pe sis ence o a adi ional capi al- and
manu ac u ing-in ensi y in indus ializing coun ies and he ansi ion
o ad anced economies owa ds a knowledge-based pa adigm. The
heo ies o induced echnological change and Schumpe e ian inno a ion
o e key insigh s o his in e p e a ion. We analyze hei con ibu ions
in u n.
The induced echnological change hypo hesis o e s undamen al
insigh o un a el he obse ed puzzles, bu only when conside ing he
dynamics o ac o ma ke s in dep h. Indeed, echnological change is
di ec ed owa ds he mo e in ensi e use o he cheape ac o by
inc easing i s ou pu elas ici y. Howe e , se e al ac o s play a pi o al
ole in he con inual shi s o supply and demand in ac o ma ke s,
signi ican ly impac ing hei ela i e abundance and cos s wi h di ec
consequences on he le els o echnological cong uence (An onelli &
Fede , 2024).
A la ge li e a u e impinges upon he skill-biased app oach. He e he
su ge in he supply o skilled labo igge ed by he college boom in
ad anced coun ies plays a cen al ole. The inc ease in he ela i e
abundance o skilled labo and human capi al exe ed a s ong incen i e
o di ec echnological change owa ds i s in ensi e use. The demand o
skilled labo inc eased subs an ially wi h posi i e e ec s on he a e age
and he a iance o wage le els. The skill in ensi e di ec ion o ech-
nological change o wages igge ed a adical change in he composi ion
o he wo k o ce: he decline o he sha e o blue colla s and he sha p
Table 2
The a e age labo sha e componen s by coun y.
Coun y βCD β
σ
Coun y βCD βEX Coun y βCD β
σ
Angola 0.45 -0.16 Geo gia 0.57 -0.18 Nige ia 0.78 -0.21
A gen ina 0.42 0.01 Ge many 0.73 -0.09 No h Macedonia 0.67 -0.08
A menia 0.81 -0.17 G eece 0.51 0.01 No way 0.65 -0.14
A uba 0.66 -0.02 Gua emala 0.55 -0.03 Oman 0.54 -0.24
Aus alia 0.72 -0.13 Guinea 0.47 -0.16 Panama 0.42 -0.03
Aus ia 0.66 -0.06 Hondu as 0.68 -0.09 Pa aguay 0.51 -0.05
Aze baijan 0.62 -0.27 Hong Kong 0.53 -0.03 Pe u 0.44 0.00
Bahamas 0.44 -0.04 Hunga y 0.68 -0.08 Philippines 0.46 -0.02
Bah ain 0.32 0.00 Iceland 0.66 -0.05 Poland 0.65 -0.05
Ba bados 0.84 -0.08 India 0.63 -0.08 Po ugal 0.62 0.00
Bela us 0.72 -0.16 Indonesia 0.51 -0.05 Qa a 0.37 -0.15
Belgium 0.64 -0.03 I an 0.51 -0.18 Romania 0.57 -0.09
Benin 0.74 -0.12 I aq 0.45 -0.23 Russian Fede a ion 0.82 -0.29
Boli ia 0.60 -0.08 I eland 0.46 0.01 Rwanda 0.87 -0.13
Bosnia and He zego ina 0.71 -0.06 Is ael 0.55 0.02 Sao Tome and P incipe 0.94 -0.21
Bo swana 0.29 0.01 I aly 0.51 0.01 Saudi A abia 0.47 -0.17
B azil 0.56 -0.01 Jamaica 0.73 -0.16 Senegal 0.54 -0.05
B i ish Vi gin Islands 0.42 -0.03 Japan 0.69 -0.11 Se bia 0.76 -0.08
Bulga ia 0.55 -0.08 Jo dan 0.52 -0.04 Sie a Leone 0.72 -0.18
Bu kina Faso 0.62 -0.12 Kazakhs an 0.76 -0.30 Singapo e 0.41 0.03
Bu undi 0.92 -0.22 Kenya 0.68 -0.09 Slo akia 0.62 -0.08
Cabo Ve de 0.68 -0.09 Ko ea 0.55 -0.02 Slo enia 0.72 -0.06
Came oon 0.66 -0.15 Kuwai 0.40 -0.16 Sou h A ica 0.64 -0.09
Canada 0.74 -0.08 Ky gyzs an 0.82 -0.23 Spain 0.63 -0.02
Cayman Islands 0.39 0.09 Lao People’s DR 0.40 0.00 S i Lanka 0.46 -0.06
Cen al A ican Republic 0.26 -0.06 La ia 0.65 -0.13 Sudan 0.85 -0.16
Chad 0.74 -0.26 Lebanon 0.45 0.00 Su iname 0.76 -0.30
Chile 0.51 -0.05 Leso ho 0.86 -0.20 Sweden 0.62 -0.08
China 0.67 -0.09 Li huania 0.61 -0.10 Swi ze land 0.81 -0.13
Colombia 0.55 -0.06 Luxembou g 0.48 0.07 Taiwan 0.78 -0.07
Cos a Rica 0.60 -0.02 Macao 0.37 0.02 Tajikis an 0.80 -0.34
Cˆ
o e d’I oi e 0.51 -0.09 Malaysia 0.35 -0.01 Tanzania 0.53 -0.06
C oa ia 0.71 -0.07 Mal a 0.49 0.04 Thailand 0.72 -0.06
Cyp us 0.50 0.04 Mau i ania 0.74 -0.29 Togo 0.97 -0.16
Czech Republic 0.64 -0.12 Mau i ius 0.50 -0.04 T inidad and Tobago 0.56 -0.16
Denma k 0.71 -0.07 Mexico 0.45 -0.07 Tunisia 0.57 -0.06
Djibou i 0.74 -0.11 Moldo a 0.83 -0.25 Tu key 0.39 0.01
Dominican Republic 0.55 -0.03 Mongolia 0.65 -0.25 Uk aine 0.82 -0.26
Ecuado 0.63 -0.10 Mo occo 0.51 -0.01 Uni ed Kingdom 0.59 -0.01
Egyp 0.50 -0.12 Mozambique 0.58 -0.15 Uni ed S a es 0.69 -0.08
Es onia 0.73 -0.13 Namibia 0.62 -0.04 U uguay 0.47 0.02
Eswa ini 0.67 -0.05 Ne he lands 0.69 -0.08 Uzbekis an 0.62 -0.16
Fiji 0.55 -0.04 New Zealand 0.63 -0.08 Venezuela 0.61 -0.20
Finland 0.64 -0.05 Nica agua 0.65 -0.11 Zambia 0.61 -0.19
F ance 0.69 -0.07 Nige 0.64 -0.10 Zimbabwe 0.55 -0.01
Gabon 0.58 -0.27
Sou ce: PWT 10.01 and ou own elabo a ion.
C. Fede and C. An onelli
Jou nal o Inno a ion & Knowledge 10 (2025) 100712
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