The Long-run Implications of a Hicks-Neutral Technical Progress
AbstractThis paper analyzes the steady-state welfare implications of a Hicks-neutral technological progress, or alternatively, of an i nternational transfer of a Hicks-neutral superior technology within a n overlapping generations framework. The analysis indicates that prod ucers will be induced by profit motives to adopt the advanced technol ogy although its effect on factor prices and intertemporal consumptio n may reduce steady-state welfare. Morever, it is shown that in contr ast to the static results, a Hicks-neutral technical progress alters the long-run factor price ratio through the effect on capital formati on. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 29 (1988)
Issue (Month): 1 (February)
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- Wolfgang Kuhle, 2012. "The Dynamics of Utility in the Neoclassical OLG Model," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2012_22, Max Planck Institute for Research on Collective Goods.
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- Cremers, Emily T., 2006. "Dynamic efficiency in the two-sector overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 30(11), pages 1915-1936, November.
- Kuhle, Wolfgang, 2012. "Dynamic efficiency and the two-part golden rule with heterogeneous agents," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 992-1006.
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