Based on a general growth model, this paper finds that the steady-state direction of technological progress is determined by the scale return of the production function and the relative factor supply elasticities. A specific version of that model extends Acemoglu (2002) to provide the underlying...

Structural change is a relatively simple (continuous) process having restricted limit-properties. All processes which can be classified as "structural change" inherit these limit-properties. Limit-properties of processes play an important role in neoclassical growth theory. We show that (i) many...

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-labor elasticity of substitution and the existence of...

We present a tractable model for analyzing the relationship between economic growth and the intensive and extensive margins of technology adoption. The “extensive" margin refers to the timing of a country's adoption of a new technology; the “intensive" margin refers to how many units are...

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. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of...

We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem, Balanced growth with capital-augmenting technical change is possible when capital has a unitary elasticity of substitution with at least one other factor of production, Thus, a neoclassical growth model with...

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...

This paper incorporates a task-based approach into a neoclassical model and analyze how automation affects economic growth. We found that if task producers smoothly adopt automation technology along the capital accumulation path, sustained growth is possible even without technological progress....

The publication of the book Capital in the Twenty-First Century by Piketty helped to increase the debate about the prospects of the evolution of income and wealth inequality in this century. One of the main controversies is about the effects to the income and wealth inequalities of a decrease in...