Factor saving innovation

• 成果类型: Article
• 署名作者: Boldrin, M; Levine, DK
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Los Angeles
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2002.2930
• 发表日期: 2002
• 页码: 18-41

摘要

It has been argued that concave models exhibit less endogencity of growth than models with increasing returns to scale. Here we study a simple model of factor saving technological improvement in a concave framework. Capital ran be used either to reproduce itself, or, at some additional cost, to produce a higher quality of capital, which requires less labor input. If better quality capital can be produced quickly, we get a model of exogenous balanced growth as a special case of ours. If, however, better quality capital can be produced slowly, we get a model of endogenous growth in which the growth rate of the economy and the rate of adoption of new technologies is determined by preferences, technology and initial conditions. Moreover, in the latter case, the process of growth is necessarily uneven, exhibiting a natural cycle with alternating periods of high and slow growth. Growth paths and technological innovations also exhibit dependence upon initial conditions. The model provides a step toward a theory of endogenous innovation under conditions of perfect competition. Journal of Economic Literature Classification Numbers: O30, O40, D92, C61, D24, D41. (C) 2002 Elsevier Sciene (USA).