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 …

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 …

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 …

transfers over this period is taken into account. We show that the increase in capital's share of total income and the presence … of capital-entrepreneurial skill complementarity are two key features that help support the wages of ordinary workers as …

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners … replicate the observed U.S. time paths of the top quintile income share, capital’s share of income, and key macroeconomic … variables over the period 1970 to 2013. For the baseline simulation, the welfare gain for capital owners is 3.7% of per …

balancing investment incentives with allocative efficiency and competition objectives. Intermediate regulation is compatible … regulation and efficient investment is thus in doubt. Incentive regulation for regular infrastructure investments therefore needs …

A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly … positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions … capital stock is zero and capital is essential. Since the marginal product of capital is initially infinite, the trivial …

capital-and labor-augmenting technical change. We develop a novel micro-foundation for the competitive production sector that … rests on the idea that the fabrication of output requires tasks to be performed by capital and labor. Firms may engage in … innovation investments that increase the productivity of capital and labor in the performance of their respective tasks. These …

exhibits constant returns to scale in capital and labor. This insight provides an understanding for why technical change is … labor-augmenting in steady state even if capital-augmenting technical change is feasible. By example, this point is made for … three recent growth models that allow for endogenous capital- and labor-augmenting technical change, namely, Irmen (2013 …