Showing 1 - 10 of 548
We use the two-sector specific factors model, which is known from the theory of international trade, in a growth context to describe major trends of long-run economic development. The endogenous technical progress functions establish the link between the agricultural and the manufacturing sector...
Persistent link: https://www.econbiz.de/10010194634
The literature on horizontal innovation claims to analyse cases where unbounded endogenous growth comes from an increasing variety of intermediate goods. The present paper contends that a good sample of representative models in this literature share two essential assumptions regarding production...
Persistent link: https://www.econbiz.de/10012716545
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. In the two-factor case, the theorem implies that a neoclassical growth model cannot be simultaneously consistent with empirical evidence on both capital-augmenting technical change and the elasticity of...
Persistent link: https://www.econbiz.de/10012024717
This paper analyses the effects of disease and war on the accumulation of human and physical capital. We employ an overlapping-generations frame-work in which young adults, confronted with such hazards and motivated by old-age provision and altruism, make decisions about investments in schooling...
Persistent link: https://www.econbiz.de/10012122104
Based on a general growth model, this paper finds that the steady-state direction of technological progress is determined by the scale return of the production function and the relative factor supply elasticities. A specific version of that model extends Acemoglu (2002) to provide the underlying...
Persistent link: https://www.econbiz.de/10012860272
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of...
Persistent link: https://www.econbiz.de/10012880053
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of...
Persistent link: https://www.econbiz.de/10013308247
This paper: (1) shows that optimal transition dynamics in a simple endogenous growth model can account for much of the behavior of the stock of public capital in the U.S. economy over the last 70 or so years; (2) shows that the observed decline in the U.S. ratio of public to private capital...
Persistent link: https://www.econbiz.de/10014220660
This paper develops a quantitative theoretical model for the optimal provision of public capital. We show that the ratio of public to private capital in the U.S. economy since 1925 evolves in a manner that is broadly consistent with an optimal transition path derived from a simple growth model....
Persistent link: https://www.econbiz.de/10014207159
We provide an overview of recent empirical research on patterns of cross-country growth. The new empirical regularities considered differ from earlier ones, e.g., the well-known Kaldor stylized facts. The new research no longer makes production function accounting a central part of the analysis....
Persistent link: https://www.econbiz.de/10014024246