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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...
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-run growth process. First, we review the implications of neoclassical growth theory and the more recent theories of 'endogenous …
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-run growth process. First, we review the implications of neoclassical growth theory and the more recent theories of 'endogenous …
Persistent link: https://www.econbiz.de/10012474415