Factor-eliminating technical change
成果类型：
Article
署名作者：
Peretto, Pietro F.; Seater, John J.
署名单位：
Duke University; North Carolina State University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2013.01.005
发表日期：
2013
页码：
459-473
关键词：
摘要：
Perpetual growth requires offsetting diminishing returns to reproducible factors of production. In this article we present a theory of factor elimination. For simplicity and clarity, there is no augmentation of non-reproducible factors, thus excluding the standard engine of growth. By spending resources on R&D, agents learn to change the exponents of a Cobb-Douglas production function. We obtain the economy's balanced growth path and complete transition dynamics. The theory provides a mechanism for the transition from an initial technology incapable of supporting perpetual growth to one with constant returns to reproducible factors that supports it. (C) 2013 Elsevier B.V. All rights reserved.
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