A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change

Casey, Gregory; Horii, Ryo

Institute of Social and Economic Research Discussion Papers, 2019, 1051, 1-52

アクセス数:245件（2025-06-08 13:36 集計）

固定URL: https://hdl.handle.net/11094/72996

論文情報

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タイトル
A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change
著者
著者名
Casey, Gregory
NRID
1000090324855 1000090324855
ORCID
0000-0002-2083-1237 0000-0002-2083-1237
researchmap permalink
horii horii
Scopus Author ID
22934018800 22934018800
著者名
Horii, Ryo
キーワード等
Endogenous Growth
Balanced Growth Path (BGP)
Uzawa Steady-State Growth Theorem
Direction of Technological Change
抄録
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 simulta- neously consistent with empirical evidence on both capital-augmenting technical change and the elasticity of substitution between labor and reproducible capital. In the multi-factor case, balanced growth with capital-augmenting technical change is possible as long as capital has a unitary elasticity of substitution with any single non-reproducible factor, increasing the like-lihood that neoclassical models can be consistent with empirical findings. To illustrate the importance of this result, we also build a three-factor growth model with endogenous and di-rected technical change and show that is has a stable balanced growth path with a strictly positive rate of capital-augmenting technical change.
出版者
The Institute of Social and Economic Research, Osaka University
収録物名
Institute of Social and Economic Research Discussion Papers
巻(号)
1051
ページ
1-52
刊行年月
2019-03
言語
英語
ハンドルURL
https://hdl.handle.net/11094/72996
関連情報 (references)
URI
https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1051.pdf
アクセス権
metadata only access
カテゴリ
ディスカッション／ワーキング・ペーパー DP/WP
Institute of Social and Economic Research Discussion Papers