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...

This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

We construct a 3-factor, directed technical change growth model that ex-hibits capital-augmenting technical change on the balanced growth path (BGP), circumventing the issues usually caused by the 2-factor Uzawa growth theorem. We calibrate the model to the United States and consider a...

Dass die Erklärung von Langzeitarbeitslosigkeit ein überaus aktuelles Thema ist, zeigt der starke Anstieg der Langzeitarbeitslosigkeit in den Industrieländern seit Mitte der 70er Jahre. Die Erhöhung der Langzeitarbeitslosigkeit bei gleichzeitigem Wirtschaftswachstum - sowohl in einer...