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Overtakable capitalist growth paths

  • A. J. Julius

    (New School University)

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    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://econwpa.repec.org/eps/mac/papers/0501/0501030.pdf
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    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
    Contact details of provider: Web page: http://econwpa.repec.org

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    1. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    2. 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.
    3. Funk, P., 1997. "Induced Innovation Revisited," DELTA Working Papers 97-22, DELTA (Ecole normale supérieure).
    4. 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.
    5. 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.
    6. Shah, Anup & Desai, Meghnad, 1981. "Growth Cycles with Induced Technical Change," Economic Journal, Royal Economic Society, vol. 91(364), pages 1006-10, December.
    7. Daron Acemoglu, 2003. "Labor- And Capital-Augmenting Technical Change," Journal of the European Economic Association, MIT Press, vol. 1(1), pages 1-37, 03.
    8. 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.
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