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

Literaturliste

Daron Acemoglu: “Labor- and Capital-Augmenting Technical Change”, Journal of the European Economic Association, pp. 1-37, 2003. URL http://ideas.repec.org/a/tpr/jeurec/v1y2003i1p1-37.html.

Daron Acemoglu: Introduction to Modern Economic Growth. Princeton University Press, 2009. URL http://press.princeton.edu/titles/8764.html.

Philippe Aghion, Peter W. Howitt: The Economics of Growth. The MIT Press, 2009. URL http://amazon.com/o/ASIN/0198772866/.

John R. Hicks: The Mainspring of Economic Growth, 1973. URL http://EconPapers.repec.org/RePEc:ris:nobelp:1972_001.

J. R. Hicks: Capital and Time: A Neo-Austrian Theory. Oxford University Press, USA, 1973. URL http://amazon.com/o/ASIN/0674364163/.

Goran Ohlin: “Review of Produktivitet och räntabilitet: Studier i kapitalets betydelse inom svenskt näringsliv by Erik Lundberg”, The American Economic Review, pp. pp. 827-829, 1962. URL http://www.jstor.org/stable/1808998.

David Romer: Advanced Macroeconomics (McGraw-Hill Series Economics). McGraw-Hill/Irwin, 2011. URL http://amazon.com/o/ASIN/0073511374/.

Paul A. Samuelson: “A Summing Up”, The Quarterly Journal of Economics, pp. pp. 568-583, 1966. URL http://www.jstor.org/stable/1882916.

Paul A. Samuelson: “A Theory of Induced Innovation along Kennedy-Weisäcker Lines”, The Review of Economics and Statistics, pp. 343-356, 1965. URL http://www.jstor.org/stable/1927763.

Ekkehart Schlicht: The Impact of Some Investment Functions in a Kaldorian Growth Model, 1974. URL http://epub.ub.uni-muenchen.de/14801/. Paper presented at the Winter Symposium of the Econometric Society, Budapest, January 26-28, 1974.

Ekkehart Schlicht: “Zwei makroökonomische Koordinationsprobleme”, Karl Acham (Hg.): Gesellschaftliche Prozesse, Graz 1983, pp. 143—148, 1983. URL http://epub.ub.uni-muenchen.de/14810/.

Ekkehart Schlicht: Isolation and Aggregation in Economics. Springer Verlag, 1985. URL http://epub.ub.uni-muenchen.de/3/.

Ekkehart Schlicht: “A Variant of Uzawa's Theorem”, Economics Bulletin, pp. 1-5, 2006. URL http://EconPapers.repec.org/RePEc:ebl:ecbull:eb-06e10001.

A. K. Sen: “Neo-Classical and Neo-Keynesian Theories od Distribution”, The Economic Record, pp. 53-64, 1963. URL http://EconPapers.repec.org/RePEc:bla:ecorec:v:39:y:1963:i:85:p:53-64.

Robert M. Solow: “A Contribution to the Theory of Economic Growth”, The Quarterly Journal of Economics, pp. pp. 65-94, 1956. URL http://www.jstor.org/stable/1884513.

Hirofumi Uzawa: “Neutral Inventions and the Stability of Growth Equilibrium”, Review of Economic Studies, pp. 117-24, 1961. URL http://www.jstor.org/stable/2295709.

Winfried Vogt: “Kapitalakkumulation und technischer Fortschritt”, Weltwirtschaftliches Archiv, pp. pp. 185-196, 1968. URL http://www.jstor.org/stable/40436628.

Carl Christian von Weizsäcker: “A New Technical Progress Function (1962)”, German Economic Review, pp. 248-265, 1962/2010. URL http://EconPapers.repec.org/RePEc:bla:germec:v:11:y:2010:i::p:248-265.

Carl Christian von Weizsäcker: “Tentative Notes on a Two Sector Model with Induced Technical Progress”, The Review of Economic Studies, pp. 245-251, 1966. URL http://www.jstor.org/stable/2974418.

Carl Christian von Weizsäcker: Zur Okonomischen Theorie des Technischen Fortschritts. Gottingen, Vandenhoeck & Ruprecht, 1966. URL http://amazon.com/o/ASIN/B00570WMDG/.

Carl Christian von Weizsacker: Steady state capital theory. Springer-Verlag, 1971. URL http://amazon.com/o/ASIN/B007EUYRPS/.