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optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find …
Persistent link: https://www.econbiz.de/10005703487
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/10008534030
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 a...
Persistent link: https://www.econbiz.de/10008764756
Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows. We use easily accessible macroeconomic data to shed light on this issue, and find that MPKs are...
Persistent link: https://www.econbiz.de/10010928591
Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows. We use easily accessible macroeconomic data to shed light on this issue, and find that MPKs are...
Persistent link: https://www.econbiz.de/10005670442
investment goods in developing countries. One implication of our findings is that increased aid flows to developing countries …
Persistent link: https://www.econbiz.de/10005123679
with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an …
Persistent link: https://www.econbiz.de/10005808115
Persistent link: https://www.econbiz.de/10005069401
liberalisation; strengthening competition in markets for goods and services; education, research and innovation. Progress is also …’éducation, la recherche et l’innovation. Des progrès sont également requis dans d’autres domaines, notamment pour promouvoir des …
Persistent link: https://www.econbiz.de/10011277005
review a comprehensive theory of its economic transition. Finally, we discuss China’s future. In particular, we review some …
Persistent link: https://www.econbiz.de/10010886217