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If Janossy's theory should concisely be drafted, one might say that he had been researching the "real carrier of … economic development" in a very original way and having formulated his theory in a specific language. He managed to identify … growth theory that have appeared in the nineties. The "real carrier of economic development" matches to the "human capital …
Persistent link: https://www.econbiz.de/10003935473
We provide a general theoretical characterization of how firms' technology choice on a technology frontier determines the long-run elasticity of substitution between capital and labor. We show that the shape of the frontier determines factor shares and the elasticity of substitution between...
Persistent link: https://www.econbiz.de/10011590445
We provide a general theoretical characterization of how technology choice affects the long-run elasticity of substitution between capital and labour. While the shape of the technology frontier determines the long-run growth path and the long-run elasticity, adjustment costs in technology choice...
Persistent link: https://www.econbiz.de/10010502722
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This paper offers the first systematic historical evidence on the role of a central actor in modern growth theory - the …
Persistent link: https://www.econbiz.de/10011602763
Persistent link: https://www.econbiz.de/10000916289
How do population ageing shocks affect the long-run macroeconomic performance of an economy? To answer this question we build a general equilibrium overlapping generations model of a closed economy featuring endogenous factor prices. Finitely-lived individuals are endowed with perfect foresight...
Persistent link: https://www.econbiz.de/10009689545
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The paper investigates the mechanics through which novel technological principles are developed and diffused throughout an economy consisting of a technologically heterogeneous ensemble of firms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle...
Persistent link: https://www.econbiz.de/10011730583
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