Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/230458 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 1051
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. In the two-factor case, the theorem implies that a neoclassical growth model cannot be simultaneously consistent with empirical evidence on both capital-augmenting technical change and the elasticity of substitution between labor and reproducible capital. In the multi-factor case, balanced growth with capital-augmenting technical change is possible as long as capital has a unitary elasticity of substitution with any single non-reproducible factor, increasing the likelihood that neoclassical models can be consistent with empirical findings. To illustrate the importance of this result, we also build a three-factor growth model with endogenous and directed technical change and show that is has a stable balanced growth path with a strictly positive rate of capital-augmenting technical change.
Schlagwörter: 
Endogenous Growth
Balanced Growth Path (BGP)
Uzawa Steady-State Growth Theorem
Direction of Technological Change
JEL: 
E13
E22
O33
O41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.5 MB





Publikationen in EconStor sind urheberrechtlich geschützt.