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Schlicht, Ekkehart ORCID logoORCID: https://orcid.org/0000-0001-8227-5451 (19. June 2015): Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function. Discussion Papers in Economics 2015 [PDF, 470kB]

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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. Final version available at https://onlinelibrary.wiley.com/doi/10.1111/meca.12101

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