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Steady-state growth and the elasticity of substitution
Irmen, Andreas - 2010
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 assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10003938203
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Rent seeking, capital accumulation, and macroeconomic growth
Heijdra, Ben J.; Heijnen, Pim - 2023
We study the effects of time-using rent-seeking activities on the macroeconomic allocation and the economic growth rate. We formulate a highly stylized three-sector general equilibrium model with overlapping generations of individuals. The production side features one sector producing the...
Persistent link: https://www.econbiz.de/10014431164
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Automation, economic growth, and the labor share - a comment on Prettner (2019)
Heer, Burkhard; Irmen, Andreas - 2019 - This Version: June 24, 2019
Prettner (2019) studies the implications of automation for economic growth and the labor share in a variant of the Solow-Swan model. The aggregate production function allows for two types of capital, traditional and automation capital. Traditional capital and labor are imperfect substitutes...
Persistent link: https://www.econbiz.de/10012031062
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Factor income distribution and endogenous economic growth : when Piketty meets Romer
Irmen, Andreas; Tabaković, Amer - 2016
We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …
Persistent link: https://www.econbiz.de/10011568791
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good … increases utility. It is assumed that each variety is owned by a monopoly. Workers can specialize in material goods production …
Persistent link: https://www.econbiz.de/10011398011
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Immigration and economic growth in the OECD countries 1986 - 2006
Boubtane, Ekrame; Dumont, Jean-Christophe; Rault, Christophe - 2015
This paper offers a reappraisal of the impact of migration on economic growth for 22 OECD countries between 1986-2006 and relies on a unique data set we compiled that allows us to distinguish net migration of the native- and foreign-born populations by skill level. Specifically, after...
Persistent link: https://www.econbiz.de/10010533072
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Endogenous capital- and labor-augmenting technical change in the neoclassical growth model
Irmen, Andreas; Tabakovic, Amer - 2015
-temporal knowledge externality. An appropriate policy of investment subsidies may implement the efficient allocation. …
Persistent link: https://www.econbiz.de/10011404419
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Competition, imitation, and R&D productivity in a growth model with sector-specific patent protection
Mosel, Malte - 2010
Recent empirical studies suggest a need for a flexible patent regime responding to industry characteristics. In practice, sector-specific modifications of patent strength already exist but lack theoretical foundation. This paper intends to make up for this neglect by scrutinizing in what...
Persistent link: https://www.econbiz.de/10003982010
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Something out of nothing? : Neoclassical growth and the "trivial" steady state
Hakenes, Hendrik (contributor); Irmen, Andreas (contributor) - 2006
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, encompassing the neoclassical production function,...
Persistent link: https://www.econbiz.de/10003301114
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Population, pensions, and endogenous economic growth
Heer, Burkhard (contributor); Irmen, Andreas (contributor) - 2008
We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor...
Persistent link: https://www.econbiz.de/10003791799