I think this a very interesting framework. But it is, I think, too simple to be of material use in trying to understand what is going on in the real world. Your mileage may vary: Daron Acemoglu (2001): Directed Technical Change: "Whether technical change is biased towards particular factors is of central importance...
...This paper develops a simple framework... two major forces affecting equilibrium bias: the price effect and the market size effect. While the former encourages innovations directed at scarce factors, the latter leads to technical change favouring abundant factors. The elasticity of substitution between different factors regulates how powerful these effects are, determining how technical change and factor prices respond to changes in relative supplies. If the elasticity of substitution is sufficiently large, the long run relative demand for a factor can slope up...
