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Model of Optimal Economic Growth with Endogenous Bias

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  • Sato, Ryuzo
  • Ramachandran, Rama V.
  • Lian, Cheng Ping

Abstract

The objective of the paper is to develop a model of optimal endogenous technological progress that will exhibit two properties sought in growth models: (1) The bias will depend on the parameters of the model—particularly those affecting the cost of inputs—instead of being constrained to be Harrod neutral; (2) factor shares will be constant in steady state. Using previously derived sufficient conditions, we show the conditions under which such a model can be constructed.

Suggested Citation

  • Sato, Ryuzo & Ramachandran, Rama V. & Lian, Cheng Ping, 1999. "Model of Optimal Economic Growth with Endogenous Bias," Macroeconomic Dynamics, Cambridge University Press, vol. 3(3), pages 293-310, September.
    • Handle: RePEc:cup:macdyn:v:3:y:1999:i:03:p:293-310_01
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    1. Sato, Ryuzo, 2004. "Economic conservation laws as indices of corporate performance," Japan and the World Economy, Elsevier, vol. 16(3), pages 247-267, August.

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