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Overtakable capitalist growth paths

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  • A. J. Julius

    (New School University)

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    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.

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    File URL: http://128.118.178.162/eps/mac/papers/0501/0501030.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0501030.

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    Length: 21 pages
    Date of creation: 21 Jan 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpma:0501030

    Note: Type of Document - pdf; pages: 21
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    Web page: http://128.118.178.162

    Related research

    Keywords: Directed technical change; golden rule; growth-distribution duality;

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    1. Funk, Peter, 2002. "Induced Innovation Revisited," Economica, London School of Economics and Political Science, vol. 69(273), pages 155-71, February.
    2. 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.
    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, 02.
    4. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    5. Shah, Anup & Desai, Meghnad, 1981. "Growth Cycles with Induced Technical Change," Economic Journal, Royal Economic Society, vol. 91(364), pages 1006-10, December.
    6. Daron Acemoglu, 2000. "Labor- and Capital- Augmenting Technical Change," NBER Working Papers 7544, National Bureau of Economic Research, Inc.
    7. 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.
    8. 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.
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