Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/263294 
Year of Publication: 
2022
Series/Report no.: 
ISER Discussion Paper No. 1157
Publisher: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Abstract: 
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of capital-augmenting technical change. We also build and calibrate a three-factor endogenous growth model with directed technical change and show that it converges to a balanced growth path that is consistent with the empirical evidence. Our results indicate that natural resources including land and directed technical change play a central role in explaining balanced growth.
Subjects: 
Balanced Growth
Uzawa Steady-State Growth Theorem
Directed TechnicalChange
Land
Natural Resources
JEL: 
E13
E22
O33
O41
Document Type: 
Working Paper

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