of technology is embodied in the capital stock. Classic papers from the late 1950's and 1960's show that non …-optimization models display the same asymptotic growth rates whether technology is embodied (vintage capital) or disembodied. This paper …

Most growth models assume capital is homogeneous with regard to technology. This contradicts intuition and empirical … evidence that the majority of technology is embodied in the capital stock. Berger (2001) showed that neoclassical vintage … capital (embodied technology) and non-vintage capital (disembodied technology) models have different convergence rates …