Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function

Schlicht, Ekkehart (17. März 2014): Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function. Münchener Wirtschaftswissenschaftliche Beiträge (VWL) 2014

Abstract

This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor’s technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b). The hybrid model so obtained accounts for balanced growth in a way that appears less arbitrary than the Solow model, especially because it directly accounts for Harrod neutral technical change, without any need for further assumptions.

• Dokumententyp: Paper
• Keywords: directed technical change, directed technological change, bias in innovation, technical progress function, neoclassical production function, Harrod neutrality, Hicks neutrality, Cambridge theory of distribution, marginal productivity theory, Kaldor, Kennedy, von Weizsäcker, Solow model
• Fakultät: Volkswirtschaft ; Volkswirtschaft > Munich Discussion Papers in Economics ; Volkswirtschaft > Munich Discussion Papers in Economics > Makroökonomik ; Volkswirtschaft > Lehrstühle > Seminar für Theorie und Politik der Einkommensverteilung (aufgelöst)
• Themengebiete: 300 Sozialwissenschaften > 330 Wirtschaft
• JEL Classification: O30, O40, E12, E13, E25, B59, B31
• Sprache: Englisch

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