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Induced Innovation Revisited

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  • Funk, Peter

Abstract

This paper studies the joint evolution of factor prices, factor shares and the type of technical progress. Its main aim is to give a microeconomic foundation to the Hypothesis of Induced Innovation of the earlier literature, which assumes that the type of progress at any moment of time is chosen so as to maximize the current rate of output growth. An important conclusion of the Hypothesis of Induced Innovation is that in the long run factor-augmenting technical progress takes the form of pure labour augmentation. Copyright 2002 by The London School of Economics and Political Science

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 69 (2002)
Issue (Month): 273 (February)
Pages: 155-71

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Handle: RePEc:bla:econom:v:69:y:2002:i:273:p:155-71

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Cited by:
  1. Peter Funk, 2005. "Competition and Growth in a Vintage Knowledge Model," Working Paper Series in Economics 15, University of Cologne, Department of Economics.
  2. Tavani, Daniele, 2012. "Wage bargaining and induced technical change in a linear economy: Model and application to the US (1963–2003)," Structural Change and Economic Dynamics, Elsevier, vol. 23(2), pages 117-126.
  3. Irmen, Andreas, 2009. "Population Aging and the Direction of Technical Change," Working Papers 0493, University of Heidelberg, Department of Economics.
  4. A. J. Julius, 2005. "Overtakable capitalist growth paths," Macroeconomics 0501030, EconWPA.
  5. Funk, Peter, 2008. "Entry and growth in a perfectly competitive vintage model," Journal of Economic Theory, Elsevier, vol. 138(1), pages 211-236, January.
  6. Yucan Liu & C. Richard Shumway, 2008. "Induced Innovation in U.S. Agriculture: Time-series, Direct Econometric, and Nonparametric Tests," Working Papers 2008-3, School of Economic Sciences, Washington State University.
  7. zamparelli, luca, 2008. "Direction and intensity of technical change: a micro-founded growth model," MPRA Paper 10843, University Library of Munich, Germany.
  8. Funk, Peter & Vogel, Thorsten, 2004. "Endogenous skill bias," Journal of Economic Dynamics and Control, Elsevier, vol. 28(11), pages 2155-2193, October.
  9. Storm, Servaas & Naastepad, C.W.M, 2012. "Wage-led or profit-led supply : wages, productivity and investment," ILO Working Papers 470930, International Labour Organization.
  10. Isabelle Armanville & Peter Funk, 2003. "Induced innovation: an empirical test," Applied Economics, Taylor & Francis Journals, vol. 35(15), pages 1627-1647.
  11. Daniele Tavani, 2013. "Bargaining over productivity and wages when technical change is induced: implications for growth, distribution, and employment," Journal of Economics, Springer, vol. 109(3), pages 207-244, July.
  12. Luca Zamparelli, 2009. "Direction and Intensity of Technical Change: a Micro Model," Working Papers 4, Doctoral School of Economics, Sapienza University of Rome.
  13. Naastepad, C. W. M. & Kleinknecht, Alfred, 2004. "The Dutch productivity slowdown: the culprit at last?," Structural Change and Economic Dynamics, Elsevier, vol. 15(2), pages 137-163, June.

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