A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change

Material type: 文書・図像類

Author: Casey, Gregoryほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2019-03

Material Format: Paper

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Note (General)：: 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...

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Paper

Material Type: 文書・図像類
Title: A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change
Author/Editor: Casey, Gregory
Horii, Ryo
Author Heading: Casey, Gregory
Horii, Ryo
https://nrid.nii.ac.jp/nrid/1000090324855
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2019-03
Publication Date (W3CDTF): 2019-03
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1051
Volume: 1051
Pages: 1-52
Text Language Code: eng
Subject Heading: Endogenous Growth
Balanced Growth Path (BGP)
Uzawa Steady-State Growth Theorem
Direction of Technological Change
Target Audience: 一般
Note (General): 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 simulta- neously consistent with empirical evidence on both capital-augmenting technical change and the elasticity of substitution between labor and reproducible capital. In the multi-factor case, balanced growth with capital-augmenting technical change is possible as long as capital has a unitary elasticity of substitution with any single non-reproducible factor, increasing the like-lihood that neoclassical models can be consistent with empirical findings. To illustrate the importance of this result, we also build a three-factor growth model with endogenous and di-rected technical change and show that is has a stable balanced growth path with a strictly positive rate of capital-augmenting technical change.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2019/DP1051.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華