producible asset), permanent growth with full employment occurs. However, if it is money (viz. an unproducible asset), stagnation …

's status preference an economy exhibits a completely opposite performance; permanent growth or persistent stagnation. If the …, which generates permanent growth even under decreasing returns to capital. If it is an unproducible asset (viz. money …

producible asset), permanent growth with full employment occurs. However, if it is money (viz. an unproducible asset), stagnation …

We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that … neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital …-factor endogenous growth model with directed technical change and show that it converges to a balanced growth path that is consistent …

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 … indicate that natural resources and directed technical change play a central role in explaining balanced growth. …

We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem, Balanced growth with capital …, Thus, a neoclassical growth model with three or more factors of production can be consistent with empirical evidence on …

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 … growth with capital-augmenting technical change is possible as long as capital has a unitary elasticity of substitution with …

We study structural change in a simple, two-sector endogenous growth model and show that the presence of commodity … between different goods, the two sectors grow at different rates, whereas the aggregate economy exhibits balanced growth in …