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...

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...

Pecuniary externalities are crucial in shaping the strategies to value the distinctive competences and the economic success of innovative firms. The analysis of conditions for localized knowledge appropriation and exploitation makes it possible to identify idiosyncratic production factors. The...

The paper presents the positive and normative analysis of endogenous R&D investment on two types of resources: renewable and non-renewable. The specificity of the paper has to be found in the following assumption: resource-specific R&D investment allows to increase the efficiency of re- source...