Endogenous capital- and labor-augmenting technical change in the neoclassical growth model
نویسندگان
چکیده
منابع مشابه
Endogenous capital- and labor-augmenting technical change in the neoclassical growth model
The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans extended to allow for endogenous capitaland labor-augmenting technical change. We develop a novel micro-foundation for the competitive production sector that rests on the idea that the fabricati...
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I analyze an economy in which firms can undertake both laborand capital-augmenting technological improvements. In the long run, the economy resembles the standard growth model with purely labor-augmenting technical change, and the share of labor in GDP is constant. Along the transition path, however, there is capital-augmenting technical change and factor shares change. Tax policy and changes i...
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1. Judd (1985) and Chamley (1986) obtained results that in the long run, the optimal capital income taxation should be zero. And they claim that the result does not depend on whether government has the ability to borrow or not. 2. Lansing in this paper gave a counterexample under which the optimal capital income tax rate is non-zero in the long run when the government does not have the ability ...
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Most growth models assume capital is homogeneous. This contradicts intuition and empirical evidence that the majority of technology is embodied in the capital stock. Classic papers from the late 1950s and 1960s show that non-optimization models display the same asymptotic growth rates whether technology is embodied (vintage capital) or disembodied. This paper uses new numerical optimization t...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2017
ISSN: 0022-0531
DOI: 10.1016/j.jet.2017.05.002