41 research outputs found
Uzawa(1961)’s Steady-State Theorem in Malthusian Model
This paper proves that there is a similar Uzawa (1961) steady-state growth theorem in a Malthusian model: If that model possesses steady-state growth, then technical change must be purely land-augmenting and cannot include labor augmentation
新古典增长模型的稳态路径能否包括资本增进型技术进步?
The celebrated Uzawa(1961) theorem holds that,on the steady-growth path of neoclassical growth model,technological progress must be purely labor-augmenting rather than capital-augmenting,except the special case where the production function takes the form of Cobb-Douglas. With an augmented Ramsey model,however,we prove in this paper that,when investment has adjustment cost which correlates positively with capital-augmenting technology,the steady state growth path can also embrace capital-augmenting technological progress,even if the production function is not Cobb-Douglas. Our conclusions
contribute to the study of steady-state condition of neoclassical growth model,and the understanding of the
roles of capital and capital-augmenting technology progress in economic growth
新古典增长模型的稳态路径能否包括资本增进型技术进步?
The celebrated Uzawa(1961) theorem holds that,on the steady-growth path of neoclassical growth model,technological progress must be purely labor-augmenting rather than capital-augmenting,except the special case where the production function takes the form of Cobb-Douglas. With an augmented Ramsey model,however,we prove in this paper that,when investment has adjustment cost which correlates positively with capital-augmenting technology,the steady state growth path can also embrace capital-augmenting technological progress,even if the production function is not Cobb-Douglas. Our conclusions
contribute to the study of steady-state condition of neoclassical growth model,and the understanding of the
roles of capital and capital-augmenting technology progress in economic growth
The steady-state growth conditions of neoclassical growth model and Uzawa theorem revisited
Based on a neoclassical growth model including adjustment costs of investment, this paper proves that the essential condition for neoclassical model to have steady-state growth path is that the sum of change rate of the marginal efficiency of capital accumulation (MECA) and the rate of capital-augmenting technical change (CATC) be zero. We further confirm that Uzawa(1961)’s steady-state growth theorem that says the steady-state technical change of neoclassical growth model should exclusively be Harrod neutral, holds only if the marginal efficiency of capital accumulation is constant, which in turn implies that the capital supply should be infinitely elastic. Uzawa’s theorem has been misleading the development of growth theorem by not explicitly specifying this prerequisite, and thus should be revisited
The steady-state growth conditions of neoclassical growth model and Uzawa theorem revisited
Based on a neoclassical growth model including adjustment costs of investment, this paper proves that the essential condition for neoclassical model to have steady-state growth path is that the sum of change rate of the marginal efficiency of capital accumulation (MECA) and the rate of capital-augmenting technical change (CATC) be zero. We further confirm that Uzawa(1961)’s steady-state growth theorem that says the steady-state technical change of neoclassical growth model should exclusively be Harrod neutral, holds only if the marginal efficiency of capital accumulation is constant, which in turn implies that the capital supply should be infinitely elastic. Uzawa’s theorem has been misleading the development of growth theorem by not explicitly specifying this prerequisite, and thus should be revisited
Revisting the Steady-State Equilibrium Conditions of Neoclassical Growth Models
Since the publication of Uzawa(1961), it has been widely accepted that technical change must be purely labor-augmenting for a growth model to exhibit steady-state path. But in this paper, we argue that such a constraint is unnecessary. Further, our model shows that, as long as the sum of the growth rate of marginal efficiency of capital accumulation and the rate of capital-augmenting technological progress equals zero, steady-state growth can be established without constraining the direction of technological change. Thus Uzawa’s theorem represents only a special case, and the explanatory power of growth models would be greatly enhanced if such a constraint is removed
Is Harrod-neutrality Needed for Balanced Growth? Uzawa's Theorem Revisited
Taking into account the adjustment costs of investment, this paper proves that it is not the neoclassical growth model itself but the specific form of capital accumulation function that requires technical change to exclusively be Harrod neutral in steady state. Uzawa’s(1961)steady-state growth theorem holds only when the marginal efficiency of capital accumulation is constant, which implies that the capital supply is infinitely elastic. Therefore, it is unnecessary to make strong assumptions about the shape of the production function and the direction of technical change for neoclassical growth model to exhibit steady-state growth
Is Harrod-neutrality Needed for Balanced Growth? Uzawa's Theorem Revisited
Taking into account the adjustment costs of investment, this paper proves that it is not the neoclassical growth model itself but the specific form of capital accumulation function that requires technical change to exclusively be Harrod neutral in steady state. Uzawa’s(1961)steady-state growth theorem holds only when the marginal efficiency of capital accumulation is constant, which implies that the capital supply is infinitely elastic. Therefore, it is unnecessary to make strong assumptions about the shape of the production function and the direction of technical change for neoclassical growth model to exhibit steady-state growth
Revisting the Steady-State Equilibrium Conditions of Neoclassical Growth Models
Since the publication of Uzawa(1961), it has been widely accepted that technical change must be purely labor-augmenting for a growth model to exhibit steady-state path. But in this paper, we argue that such a constraint is unnecessary. Further, our model shows that, as long as the sum of the growth rate of marginal efficiency of capital accumulation and the rate of capital-augmenting technological progress equals zero, steady-state growth can be established without constraining the direction of technological change. Thus Uzawa’s theorem represents only a special case, and the explanatory power of growth models would be greatly enhanced if such a constraint is removed
Stationary Growth and the Impossibility of Capital Efficiency Gains
Improving the efficiency either in the process of factor accumulation or in the process of production of final output is often considered as a main driving force for the sustainable growth of modern economies. However, this article proves that for the most important input, physical capital, total efficiency, i.e. the total efficiency gained in the process of accumulation and in the production process, must be zero along a stationary growth path