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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...
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countries' long-run economic growth and relative wealth accumulation. Endogenous growth theories emphasized that investment in …
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both the capital-labor elasticity of substitution and the declining price of investment relative to consumption, In a three …-factor model calibrated to US data, medium-run fluctuations in the investment price explain labor share movements from 1960 …
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The purpose of this paper is to survey the contributions to economic growth theory. We focus on the basic models and literature that link resource economic and economic growth, in order to reveal the main differences on how the different aspects are incorporated into growth models. As economic...
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