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Persistent link: https://www.econbiz.de/10003450073
We formulate a version of the growth model in which production is carried out by heterogeneous plants and calibrate it to US data. In the context of this model we argue that differences in the allocation of resources across heterogeneous plants may be an important factor in accounting for...
Persistent link: https://www.econbiz.de/10003450531
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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/10003931235
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/10003938203
Persistent link: https://www.econbiz.de/10003971783
Unified growth theory predicts that the timing of the fertility transition is a key determinant of contemporary … comparative development, as it marks the onset of the take-off to sustained growth. Neoclassical growth theory presupposes a take …-off, and explains comparative development by variations in (subsequent) investment rates. The present analysis integrates these …
Persistent link: https://www.econbiz.de/10008906820
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
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