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

Casey, Gregory; Horii, Ryo

アクセス数:139件（2024-04-25 19:59 集計）

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

論文情報

タイトル	A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change
著者	著者名 Casey, Gregory
著者	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/library/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
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2019, 1051, p. 1-52
DC.title	A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change
DC.creator	Casey, Gregory
DC.creator	Horii, Ryo
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2019-03
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/library/dp/2019/DP1051.pdf
DC.subject	Endogenous Growth
	Balanced Growth Path (BGP)
	Uzawa Steady-State Growth Theorem
	Direction of Technological Change
DCTERMS.abstract	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.
citation_title	A Multi-Factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change
citation_author	Casey, Gregory
citation_author	Horii, Ryo
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2019-03
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1051
citation_firstpage	1
citation_lastpage	52
citation_public_url	https://hdl.handle.net/11094/72996
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/library/dp/2019/DP1051.pdf

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