Endogenous capital-augmenting technological change

Gregory Casey, Ryo Horii

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 non-unitary elasticity of substitution between capital and labor. We show that the model converges to the BGP with capital-augmenting technical change from any initial condition. Our results indicate that natural resources and directed technical change play a central role in explaining balanced growth.

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Year of publication:	November 2023
Authors:	Casey, Gregory ; Horii, Ryo
Publisher:	Osaka, Japan : The Institute of Social and Economic Research, Osaka University
Subject:	Balanced Growth \| Uzawa Steady-State Growth Theorem \| Directed Technical Change (DTC) \| Natural Resources \| Three-Factor Model \| Technischer Fortschritt \| Technological change \| Endogenes Wachstumsmodell \| Endogenous growth model \| Neoklassisches Wachstumsmodell \| Neoclassical growth model \| Wachstumstheorie \| Growth theory

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Extent:	1 Online-Ressource (circa 44 Seiten) Illustrationen
Series:	Discussion paper / Institute of Social and Economic Research. - Osaka : [Verlag nicht ermittelbar], ISSN 2435-0982, ZDB-ID 2106942-6. - Vol. no. 1220
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Classification:	E13 - Neoclassical ; E22 - Capital; Investment (including Inventories); Capacity ; O33 - Technological Change: Choices and Consequences; Diffusion Processes ; O41 - One, Two, and Multisector Growth Models
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014451921