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Balanced growth despite Uzawa

The American economic review, 2017-04, Vol.107 (4), p.1293-1312 [Tạp chí có phản biện]

Copyright© 2017 American Economic Association ;Copyright American Economic Association Apr 2017 ;ISSN: 0002-8282 ;EISSN: 1944-7981 ;DOI: 10.1257/aer.20151739

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Nhan đề:
Balanced growth despite Uzawa
Tác giả: Grossman, Gene M ; Helpman, Elhanan ; Oberfield, Ezra ; Sampson, Thomas
Chủ đề: Accumulation ; Aggregate production ; Bildungsinvestition ; Capital ; Economic growth ; Economic growth models ; Economic growth rate ; Economic models ; Economic theory ; Endogenous ; Generation ; Growth models ; Human capital ; Investition ; Kapital ; Marginal products ; Modell ; Prices ; Production capital ; Production functions ; Productivity ; Shorter Papers ; Stock shares ; Technologische Entwicklung ; Theorems ; Theorie ; USA ; Wachstum ; Wirtschaftsgut
Là 1 phần của: The American economic review, 2017-04, Vol.107 (4), p.1293-1312
Mô tả: The evidence for the United States points to balanced growth despite falling investment-good prices and a less-than-unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawïs theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle. However, balanced growth is possible if education is endogenous and capital is more complementary with schooling than with raw labor. We present a class of aggregate production functions for which a neoclassical growth model with capital-augmenting technological progress and endogenous schooling converges to a balanced growth path.
Nơi xuất bản: Nashville: American Economic Association
Ngôn ngữ: English
Số nhận dạng: ISSN: 0002-8282
EISSN: 1944-7981
DOI: 10.1257/aer.20151739
Nguồn: ProQuest Central

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Balanced growth despite Uzawa

Copyright© 2017 American Economic Association ;Copyright American Economic Association Apr 2017 ;ISSN: 0002-8282 ;EISSN: 1944-7981 ;DOI: 10.1257/aer.20151739

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