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新古典增长模型的稳态路径能否包括资本增进型技术进步?
[Can the Steady-State Path of Neoclassical Growth Model Embrace Capital-Augmenting Technological Progress?]

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  • Li, Defu
  • Huang, Jiuli
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Abstract

The celebrated Uzawa(1961) theorem holds that,on the steady-growth path of neoclassical growth model,technological progress must be purely labor-augmenting rather than capital-augmenting,except the special case where the production function takes the form of Cobb-Douglas. With an augmented Ramsey model,however,we prove in this paper that,when investment has adjustment cost which correlates positively with capital-augmenting technology,the steady state growth path can also embrace capital-augmenting technological progress,even if the production function is not Cobb-Douglas. Our conclusions contribute to the study of steady-state condition of neoclassical growth model,and the understanding of the roles of capital and capital-augmenting technology progress in economic growth.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 55044.

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Date of creation: Oct 2012
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Handle: RePEc:pra:mprapa:55044

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Keywords: Uzawa Steady-state Theorem; Capital-Augmenting Technology; Adjustment Cost; Neoclassical Growth Model;

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  1. Foley, Duncan K & Sidrauski, Miguel, 1970. "Portfolio Choice, Investment and Growth," American Economic Review, American Economic Association, vol. 60(1), pages 44-63, March.
  2. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
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