FACTOR AUGMENTATION, FACTOR ELIMINATION, AND ECONOMIC GROWTH.
Economic growth theory distinguishes between reproducible and nonreproducible factors of production. In traditional growth models based on factor‐augmenting technical change, perpetual economic growth requires that each essential nonreproducible factor, such as labor, be augmented by a reproducible...
| Publicado en: | Economic Inquiry Vol. 57; no. 1; pp. 429 - 453 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jan2019
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=133389540&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 133389540 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Jan2019 vid: 57 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 133389540 10.1111/ecin.12711 ppf: 429 ppct: 24 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 568KB tig: atl: FACTOR AUGMENTATION, FACTOR ELIMINATION, AND ECONOMIC GROWTH. aug: au: Seater, John Yenokyan, Karine affil: Economics Department, Boston College, Chestnut Hill MA 02467‐3806 Department of Epidemiology, Bloomberg School of Public Health, Johns Hopkins University, Baltimore MD 21205 su: Economic development Wage differentials Marginal productivity Research & development Economic opportunities sug: subj: Economic development Wage differentials Marginal productivity Research and Development in Biotechnology Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology) Research & development Economic opportunities ab: Economic growth theory distinguishes between reproducible and nonreproducible factors of production. In traditional growth models based on factor‐augmenting technical change, perpetual economic growth requires that each essential nonreproducible factor, such as labor, be augmented by a reproducible factor, such as human capital. Recent models of factor‐eliminating technical change deliver perpetual growth by eliminating the nonreproducible factors. Heretofore, the literature has kept factor augmentation and factor elimination separate. We analyze a model with both. The model generalizes the traditional factor augmentation approach by relaxing the usual restriction that factor elimination is absent. We obtain the striking result that factor‐augmenting technical change is a misspecification when factor‐eliminating technical change is present. The result raises several questions about technical change and endogenous growth. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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