Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/127269 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Discussion Paper Series No. 453
Verlag: 
University of Heidelberg, Department of Economics, Heidelberg
Zusammenfassung: 
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution on economic growth. We can show that this impact relies on both an efficiency and an acceleration effect, where the latter is caused by the distributional consequences of an increase in the elasticity of substitution. While the efficiency effect is always positive, the direction of the acceleration effect depends on the particular savings hypothesis. However, if savings out of capital income are substantial so that a certain threshold value is surpassed we find that the efficiency effect dominates so that higher factor substitution can work as a major engine of growth.
Schlagwörter: 
Capital Accumulation
Elasticity of Substitution
Income Distribution
Neoclassical Growth Model
JEL: 
E21
O11
O41
Dokumentart: 
Working Paper

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