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.
- Language
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Englisch
- Bibliographic citation
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Series: ISER Discussion Paper ; No. 1157
- Classification
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Wirtschaft
General Aggregative Models: Neoclassical
Investment; Capital; Intangible Capital; Capacity
Technological Change: Choices and Consequences; Diffusion Processes
One, Two, and Multisector Growth Models
- Subject
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Balanced Growth
Uzawa Steady-State Growth Theorem
Directed TechnicalChange
Land
Natural Resources
- Event
-
Geistige Schöpfung
- (who)
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Casey, Gregory
Horii, Ryo
- Event
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Veröffentlichung
- (who)
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Osaka University, Institute of Social and Economic Research (ISER)
- (where)
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Osaka
- (when)
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2022
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Casey, Gregory
- Horii, Ryo
- Osaka University, Institute of Social and Economic Research (ISER)
Time of origin
- 2022
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