Arbeitspapier
A note on balanced growth with a less than unitary elasticity of substitution
We present a simple production technology in which the choice of production technique results in a balanced growth path even in the presence of capital-augmenting technical progress. Given a particular choice of technique, the production function is CES with a less than unitary elasticity of factor substitution. The form of this production technology is also invariant to the choice of units, allowing us to abstract from the normalization considerations that often accompany the use of CES. The approach yields a balanced growth path but short-run time-varying factor shares without requiring an explicit model of the R&D sector.
- Sprache
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Englisch
- Erschienen in
-
Series: School of Economics Discussion Papers ; No. 10,07
- Klassifikation
-
Wirtschaft
Aggregate Factor Income Distribution
Technological Change: Choices and Consequences; Diffusion Processes
Economic Growth and Aggregate Productivity: General
- Thema
-
balanced growth
capital-augmenting technical progress
measurement units
elasticity of substitution
- Ereignis
-
Geistige Schöpfung
- (wer)
-
León-Ledesma, Miguel A.
Satchi, Mathan
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Kent, School of Economics
- (wo)
-
Canterbury
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- León-Ledesma, Miguel A.
- Satchi, Mathan
- University of Kent, School of Economics
Entstanden
- 2010
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