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Overtakable capitalist growth paths

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  • A. J. Julius

    (New School University)

Abstract

Comparing a process of labor- and capital-augmenting technical change directed by capitalists' maximization of profits with a counterfactual in which decentralized innovation decisions are governed by noncapitalist property relations, I claim that if the two economies start from the same technology and capital stock there's a date T such that after T per-capita consumption is always strictly greater on the counterfactual.

Suggested Citation

  • A. J. Julius, 2005. "Overtakable capitalist growth paths," Macroeconomics 0501030, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0501030
    Note: Type of Document - pdf; pages: 21
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    References listed on IDEAS

    as
    1. Shah, Anup & Desai, Meghnad, 1981. "Growth Cycles with Induced Technical Change," Economic Journal, Royal Economic Society, vol. 91(364), pages 1006-1010, December.
    2. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    3. A. J. Julius, 2005. "Steady‐State Growth And Distribution With An Endogenous Direction Of Technical Change," Metroeconomica, Wiley Blackwell, vol. 56(1), pages 101-125, February.
    4. Foley, Duncan K., 2003. "Endogenous technical change with externalities in a classical growth model," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 167-189, October.
    5. Frank Thompson, 2003. "Golden Age versus Golden Rule: Capitalists versus Workers in Growth Theory," Review of Radical Political Economics, Union for Radical Political Economics, vol. 35(1), pages 3-17, March.
    6. Daron Acemoglu, 2003. "Labor- And Capital-Augmenting Technical Change," Journal of the European Economic Association, MIT Press, vol. 1(1), pages 1-37, March.
    7. Roemer, John E., 1977. "Technical change and the "tendency of the rate of profit to fall"," Journal of Economic Theory, Elsevier, vol. 16(2), pages 403-424, December.
    8. Edwin Burmeister & Kiyoshi Kuga, 1970. "The Factor-Price Frontier, Duality and Joint Production," Review of Economic Studies, Oxford University Press, vol. 37(1), pages 11-19.
    9. Dumenil, Gerard & Levy, Dominique, 2003. "Technology and distribution: historical trajectories a la Marx," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 201-233, October.
    10. Burmeister, Edwin & Kuga, Kiyoshi, 1970. "The Factor-Price Frontier in a Neoclassical Multi-Sector Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(1), pages 162-174, February.
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    More about this item

    Keywords

    Directed technical change; golden rule; growth-distribution duality;
    All these keywords.

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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