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 … aggregate output. -- capital accumulation ; elasticity of substitution ; direction of technical change ; neoclassical growth …

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 …

KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual … property (IP) capital, and traditional capital. I assume that the aggregate output is produced using labor and these three … types of capital and allow for differences in the elasticities of substitution between labor, an aggregate of ICT and IP …

and also encompasses these two known mechanisms. Our model shows that sectoral differences in the degree of capital …-labor substitutability - a new mechanism - are a driving force for structural change. When the exibility to combine capital and labor differs … intensive in the input that becomes more abundant. As a result, growth rates of sectoral capital-labor ratios can differ and, if …

An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical … this framework aging increases the relative scarcity of labor with respect to capital. Therefore, there will be more labor …- and less capital-saving technical change. Unless there are contemporaneous knowledge spillovers across innovating firms …

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 … the new technology diffuses. -- income inequality ; skill-biased technological change ; capital-skill complementarity …

capital (investment network). For each network, we document a declining fraction of production by goods sectors and a rising … investment production are substitutes, rather than strong complements as suggested by existing work. Hence, resources … endogenously reallocate toward the fastest growing producers of investment. Growth accounting exercises demonstrate that investment …

The elasticity of substitution between capital and labor features prominently in several areas of economic research … supply schedules - inherent in investment equations that can bias the estimated elasticity. Results are based on an extensive …

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 …