Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121764
Authors: 
Schlicht, Ekkehart
Year of Publication: 
2015
Series/Report no.: 
Munich Discussion Paper 2015
Abstract: 
This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b). The hybrid model so obtained explains balanced growth in a way that appears less arbitrary than possible explanations in the Solow model, especially because it directly accounts for Harrod neutral technical change, without any need for further assumptions. It complements the current neoclassical and AK models by offering a further perspective for interpreting economic growth.
Subjects: 
directed technical change
directed technological change
bias in innovation
technical progress function
neoclassical production function
Harrod neutrality
Hicks neutrality
Cambridge theory of distribution
marginal productivity theory
Kaldor
Kennedy
von Weizsäcker
Solow model
overdetermination
JEL: 
O30
O40
E12
E13
E25
B31
B59
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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