Purpose – Although the importance of the elasticity of substitution between capital and labour (σ) has been recognized in many areas in economics, this parameter has not received enough attention in economic growth. The purpose of this paper is to review the recent development in the...

Although the importance of the elasticity of substitution between capital and labor (σ) has long been recognized in several branches of economics, it has not received enough attention in the growth literature. de La Grandville (1989) showed theoretically that at any stage of an economy's...

Purpose – Although the importance of the elasticity of substitution between capital and labour (s) has been recognized in many areas in economics, this parameter has not received enough attention in economic growth. The purpose of this paper is to review the recent development in the...