Uzawa´s theorem (Uzawa (1961)) is extended to allow for adjustment costs in the process of capital accumulation. A new steady-state growth theorem with adjustment costs establishes that capital-augmenting technical change may arise in steady state. This is in sharp contrast to Uzawa´s original...

Recently, Jones (2002} and Barro and Sala-í-Martin (2004) pointed out that the neoclassical growth model with a Cobb-Douglas technology has a closed-form solution. This note makes a similar remark for the Malthusian model: I develop and characterize a closed-form solution. Moreover, I emphasize...

For a given set of labor market institutions, the rate of frictional unemployment depends on the evolution of the pool of job-seekers. Unemployment rises with the growth rate of labor supply that is proportionate to the rate of population growth. If economic growth is semi-endogenous, the...

This paper provides a comment on the analysis of the link between an economy's openness to trade and its macroeconomic elasticity of substitution (ES) presented in Saam [Saam, M., 2008. Openness to trade as a determinant of the macroeconomic elasticity of substitution. Journal of Macroeconomics...

According to a common perception, the neoclassical economy void of capital cannot evolve to strictly positive levels of output, if capital is essential. We challenge this view and claim for a broad class of production functions, encompassing the neoclassical production function, that a take-off...

Recently, Jones (2002} and Barro and Sala-í-Martin (2004) pointed out that the neoclassical growth model with a Cobb-Douglas technology has a closed-form solution. This note makes a similar remark for the Malthusian model: I develop and characterize a closed-form solution. Moreover, I emphasize...