Economic Growth with Mechanization of the Production Process
AbstractThis paper considers endogenous technological changes of inputs from labor to capital in operations of a production process, i.e., a kind of mechanization of the production process. While retaining the property of decreasing returns in capital, we can show that because of complementary relationships between the accumulation of capital and the mechanization of the production process, long-run growth is possible through the accumulation of capital only. It involves no growth of total factor productivity. Furthermore, our model can partly present a micro-foundation of constant-elasticity-of-substitution production function. Investigating our model empirically, we confirm both technological progress and our technological change.
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Bibliographic InfoPaper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number 252.
Length: 46 p.
Date of creation: Mar 2005
Date of revision:
Capital Accumulation; Mechanization of a Production Process; Total Factor Productivity; Envelope; Elasticity of Substitution;
Find related papers by JEL classification:
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General
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