Arbeitspapier
A generalized Uzawa growth theorem and capital-augmenting technological change
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: ISER Discussion Paper ; No. 1157
- Klassifikation
-
Wirtschaft
General Aggregative Models: Neoclassical
Investment; Capital; Intangible Capital; Capacity
Technological Change: Choices and Consequences; Diffusion Processes
One, Two, and Multisector Growth Models
- Thema
-
Balanced Growth
Uzawa Steady-State Growth Theorem
Directed TechnicalChange
Land
Natural Resources
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Casey, Gregory
Horii, Ryo
- Ereignis
-
Veröffentlichung
- (wer)
-
Osaka University, Institute of Social and Economic Research (ISER)
- (wo)
-
Osaka
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Casey, Gregory
- Horii, Ryo
- Osaka University, Institute of Social and Economic Research (ISER)
Entstanden
- 2022
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