revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes … capital varieties is less then infinity, but more than the value that would generate endogenous growth. This production … structure is consistent with empirical estimates of the actual elasticity of substitution between capital types, as well as with …

through capital accumulation may be a precursor to periods of intensive growth during which output per unit of input grows … through endogenous technical change. Such a sequence of stages of development occurs as capital accumulation affects the … incentives to engage in labour-saving technical change. A steady rise in the capital-labour ratio affects the relative scarcity …

If capital is an essential input, the neoclassical growth model has a steady state with zero capital. From this, one is … inclined to conclude that an economy starting without capital can never grow. We challenge this view and claim that, if the … production function satisfies the Inada conditions, a take-off is possible even though the initial capital stock is zero and …

a central tendency to pursue different investment strategies. Models with capital share risk explain up to 85% of the … frequency fluctuations in the capital share. This strong opposite signed exposure helps explain why both strategies earn high … theories. We show that opposite signed exposure to capital share risk coincides with opposite signed exposure of value and …

progress, capital intensity, and substitutability between capital and labor. We estimate CES production functions for … different and with equal capital shares. We find that sectoral differences in labor-augmenting technological progress are the … equal capital shares (which by construction abstract from differences in capital intensity and the elasticity of …

that is able to bail out the bank either by injecting capital at a fixed return or by receiving an equity claim. This … authority faces a trade-off: demanding a fixed premium increases investment but worsens moral hazard. Request for an equity … claim by the fiscal authority reduces excessive risk taking at the expense of investment. This resembles the current …