Labor- and capital-augmenting technical change
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Author
Contributions
- Massachusetts Institute of Technology. Dept. of Economics - Contributor
Publication
2002 - Massachusetts Institute of Technology, Dept. of Economics, Cambridge, MA, Massachusetts
Language
English
Word Count
10,500 words, Guess
Page Count
42 pages
Identifiers
- Internet Archivelaborcapitalaugm00acem
- OCLC Control Number55232543
- Open LibraryOL24639905M
Description
I analyze an economy in which firms can undertake both labor- and capital-augmenting technological improvements. In the long run, the economy resembles the standard growth model with purely labor-augmenting technical change, and the share of labor in GDP is constant. Along the transition path, however, there is capital-augmenting technical change and factor shares change. Tax policy and changes in labor supply or savings typically change factor shares in the short run, but have no or little effect on the long-run factor distribution of income. Keywords: Economic Growth, Endogenous Growth, Factor Shares, Technical Change. JEL Classifications: O33, O14, O31, E25.
Subjects
Series Statement
- Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 03-02
- Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 03-02.
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