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Patterns of technical change: a geometrical analysis using the wage-profit rate schedule

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  • Fabrizio Ferretti

Abstract

In this paper we examine some basic stylized facts of economic growth according to the modern restatement of the classical theory of income distribution. In particular, we make use of a wage-profit frontier in order to explore the patterns of technical change experienced by a set of 18 industrialized economies, during the last 40 years. Our main purpose is to document the evolution of technical change. Using empirical evidence from the Italian industry, we also make an attempt to provide an explanation to data from a classical perspective, alternative to the standard approach founded on the aggregate production function.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287581
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 22 (2008)
Issue (Month): 5 ()
Pages: 565-583

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Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:565-583

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Related research

Keywords: fossil production function; Marx-biased technical change; wage-profit rate schedule;

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