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Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor's Technical Progress Function

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  • Schlicht, Ekkehart

Abstract

This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsacker. The hybrid model so obtained explains balanced growth in a way that appears less arbitrary than possible explanations in the Solow model, especially because it directly accounts for Harrod neutral technical change, without any need for further assumptions. It complements the current neoclassical and AK models by offering a further perspective for interpreting economic growth.

Suggested Citation

  • Schlicht, Ekkehart, 2016. "Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor's Technical Progress Function," Munich Reprints in Economics 43500, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:43500
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Aggregiertes Angebot und aggregierte Nachfrage
      by Ekkehart Schlicht in Funktionale Staatsfinanzen on 2016-11-27 15:05:00

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    Cited by:

    1. Roberto Veneziani & Luca Zamparelli & Daniele Tavani & Luca Zamparelli, 2017. "Endogenous Technical Change In Alternative Theories Of Growth And Distribution," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1272-1303, December.
    2. Alessandro Bellocchi & Giuseppe Travaglini & Beatrice Vitali, 2023. "How capital intensity affects technical progress: An empirical analysis for 17 advanced economies," Metroeconomica, Wiley Blackwell, vol. 74(3), pages 606-631, July.
    3. Stehrer, Robert, 2024. "The impact of ICT and intangible capital accumulation on employment growth and labour income shares," Structural Change and Economic Dynamics, Elsevier, vol. 70(C), pages 211-220.
    4. Mahmoud AL-Refai & Samer Abdelhadi & Adli Al-Qaraein, 2016. "The Impact of Technological Development on Jordanian Industrial Sector," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(4), pages 291-291, March.
    5. Rongbang Xu & Fujie Yang & Sanmang Wu & Qinwen Xue, 2024. "Spatio-Temporal Evolution and Drivers of Carbon Emission Efficiency in China’s Iron and Steel Industry," Sustainability, MDPI, vol. 16(12), pages 1-22, June.

    More about this item

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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