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We analyze the long-run growth effects of automation in the canonical overlapping generations framework. While automation implies constant returns to capital within this model class (even in the absence of technological progress), we show that it does not have the potential to lead to positive...
Persistent link: https://www.econbiz.de/10011668997
Conventional R&D-based growth theory argues that productivity growth is driven by population growth but the data …
Persistent link: https://www.econbiz.de/10010311668
literature, the present framework can reconcile R&D-based growth theory with the available empirical evidence. …
Persistent link: https://www.econbiz.de/10010311685