Overtakable capitalist growth paths

Comparing a process of labor- and capital-augmenting technical change directed by capitalists' maximization of profits with a counterfactual in which decentralized innovation decisions are governed by noncapitalist property relations, I claim that if the two economies start from the same technology and capital stock there's a date T such that after T per-capita consumption is always strictly greater on the counterfactual.

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Year of publication:	2005-01-21
Authors:	Julius, A. J.
Institutions:	EconWPA
Subject:	Directed technical change \| golden rule \| growth-distribution duality

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Extent:	application/pdf
Series:	Macroeconomics.
Type of publication:	Book / Working Paper
Notes:	Type of Document - pdf; pages: 21 21 pages
Classification:	E25 - Aggregate Factor Income Distribution ; O31 - Innovation and Invention: Processes and Incentives ; O41 - One, Two, and Multisector Growth Models ; P51 - Comparative Analysis of Economic Systems
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005126203