Entrepreneurs, Sticky Competition and the Schumpeterian Cobb-Douglas Production Function
In this paper, we institute the role of entrepreneurs in technical progress and the mechanism of tools multiplication into the Cobb Douglas Production Function. After the advancements, the technology component in the function has technical meaning and is potentially observable. Unlimited technical progress becomes possible and automatic under sticky competitive markets. The coexistence of sustained growth, decline and stagnation across countries and time becomes obvious and the target of public policies for achieving sustained growth is also clear and precise.
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