Arbeitspapier
Directed technical change and capital deepening: A reconsideration of Kaldor's technical progress function
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.
- Language
-
Englisch
- Bibliographic citation
-
Series: Munich Discussion Paper ; No. 2015
- Classification
-
Wirtschaft
Innovation; Research and Development; Technological Change; Intellectual Property Rights: General
Economic Growth and Aggregate Productivity: General
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
General Aggregative Models: Neoclassical
Aggregate Factor Income Distribution
History of Economic Thought: Individuals
Current Heterodox Approaches: Other
- Subject
-
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
- Event
-
Geistige Schöpfung
- (who)
-
Schlicht, Ekkehart
- Event
-
Veröffentlichung
- (who)
-
Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
- (where)
-
München
- (when)
-
2015
- DOI
-
doi:10.5282/ubm/epub.25169
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-25169-7
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
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
- Schlicht, Ekkehart
- Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
Time of origin
- 2015