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Balanced growth despite Uzawa

Grossman, Gene M ; Helpman, Elhanan ; Oberfield, Ezra ; Sampson, Thomas

The American economic review, 2017-04, Vol.107 (4), p.1293-1312 [Periódico revisado por pares]

Nashville: American Economic Association

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Título:
Balanced growth despite Uzawa
Autor: Grossman, Gene M ; Helpman, Elhanan ; Oberfield, Ezra ; Sampson, Thomas
Assuntos: Accumulation ; Aggregate production ; Bildungsinvestition ; Capital formation ; Economic growth ; Economic growth models ; Economic growth rate ; Economic models ; Economic theory ; Endogenous ; Generation ; Growth models ; Human capital ; Investition ; Kapital ; Marginal products ; Modell ; Prices ; Production capital ; Production functions ; Productivity ; Shorter Papers ; Stock shares ; Technologische Entwicklung ; Theorems ; Theorie ; USA ; Wachstum ; Wirtschaftsgut
É parte de: The American economic review, 2017-04, Vol.107 (4), p.1293-1312
Notas: ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 23
Descrição: The evidence for the United States points to balanced growth despite falling investment-good prices and a less-than-unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawïs theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle. However, balanced growth is possible if education is endogenous and capital is more complementary with schooling than with raw labor. We present a class of aggregate production functions for which a neoclassical growth model with capital-augmenting technological progress and endogenous schooling converges to a balanced growth path.
Editor: Nashville: American Economic Association
Idioma: Inglês

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Balanced growth despite Uzawa

Grossman, Gene M ; Helpman, Elhanan ; Oberfield, Ezra ; Sampson, Thomas

Nashville: American Economic Association

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