The conference began with a focus on technological development. Malin Gardberg (IFN) presented a study on how Swedish companies and their employees are impacted by being acquired by foreign, technology-intensive companies. The findings indicate a positive wage impact for employees exposed to AI, while the effect is harmful for those exposed to robotics and software. Education plays a crucial role in wage development, as does continuing learning throughout life. Antti Kauhanen (Etla) shared results from an experiment that encouraged lifelong learning through mass mailings of information sheets and workplace training programs.
In the following topic, international economics, international acquisitions of Swedish companies were again a focus. Fredrik Sjöholm (IFN) showed that such acquisitions promote career development for employees in the acquired firm. This is because employees can leverage the experience of working in this new environment to move on to higher-paying jobs in the future. Terhi Maczulskij (Etla) then presented a study on how adverse demand shocks affect Swedish export-dependent companies less than Finnish companies. Swedish firms respond more effectively to downturns by seeking out new markets, both geographically and in terms of product offerings, which helps mitigate the negative impact on sales.
Natalia Kuosmanen (Etla) and Erik Lundin (IFN) addressed the topic of sustainability and electricity. Natalia discussed her research on how the measurement of total factor productivity is underestimated during a green transition, as it fails to account for the value of reduced carbon emissions. Reliable productivity measurement is essential for making well-grounded policy decisions. Erik presented a comparison of Swedish public and private district heating companies to assess competition within the industry. The findings suggest that private district heating companies in Sweden have a market position that enables them to capture a substantial portion of customers' willingness to pay through a mix of fixed and variable prices.
The first day concluded with the topic of crises. Olli Ropponen (Etla) studied the initial Covid-19 grants in Finland and presented findings on how companies were affected by receiving these grants. Since some companies that would have exited the market due to the process of creative destruction survived because of the grants, the question of subsidies ultimately involves balancing job preservation against market efficiency. Hans Grönqvist (IFN) then shifted the focus from the impact of crises on companies to their impact on individual human behavior. Studying young people whose fathers lost their jobs during the 1990s crisis showed that such events influence individuals' future educational and career choices. For example, these individuals are less likely to graduate from secondary education connected to their father's occupation and more likely to pursue fields leading to careers with less wage variability.
The second day of the conference began with the topic of governance and institutions. Petri Rouvinen (Etla) presented results indicating how the composition of corporate boards influences subsequent company performance. Having a representative from a venture capital firm on the board appears to positively impact growth, but only for the highest-performing companies. Additionally, Björn Tyrefors (IFN) presented a study investigating the factors behind Sweden's economic growth, which began in the late 1800s. Using data on voting shares in Swedish municipalities from the 1860s, it was shown that investments in human capital, such as education that supports economic growth, only started after a power shift from landowners to industrial business owners. This suggests that changes in political institutions are a key factor in driving societal development.
The conference concluded with the topic of public economics. Current empirical and theoretical findings suggest that education has a negative effect on the number of children for women, while the opposite effect is observed for men. Hanna Wirtanen (Etla) presented results from a study based on Finnish data, which indicate the reverse: both childbearing and the likelihood of having a future partner increase for women with higher education, while the effect for men is close to zero. One mechanism behind this contradiction with existing literature could be that education leads to more flexible jobs, making it easier for women to start families. Daniel Waldenström (IFN) also presented findings that challenged prevailing views when he discussed his recently published book. Using wealth data from the past century, he argued that society is more equal, that people are wealthier now than ever before, and that wealth accumulation has not harmed but rather benefited the average person more than previously acknowledged.
In summary, the conference offered a valuable exchange of knowledge between researchers from Finland and Sweden and laid a foundation for continued collaboration between the two institutes.