substitution between capital and labour. While the shape of the technology frontier determines the long-run growth path and the … long-run elasticity, adjustment costs in technology choice allow capital-labour complementarity in the short run. We … develop a class of production functions that are consistent with balanced growth even in the presence of permanent investment …

In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate … of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the …

share of national income. In a neoclassical growth model with endogenous human capital accumulation à la Ben Porath (1967 …) and capital-skill complementarity à la Grossman et al. (2017), the steady-state labor share is positively correlated with … the rates of capital-augmenting and labor-augmenting technological progress. We calibrate the key parameters describing …

created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor … capital accumulation and the direction of research towards automation and the creation of new tasks. If the long-run rental … rate of capital relative to the wage is sufficiently low, the long-run equilibrium involves automation of all tasks …

Evidence for the United States suggests balanced growth despite falling investment-good prices and less than unitary … elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa ….s theorem to show that introducing human capital accumulation in the standard way does not resolve the puzzle. However, balanced …