Overtakable capitalist growth paths

A. J. Julius
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A. J. Julius: New School University

Macroeconomics from EconWPA

Abstract: Comparing a process of labor- and capital-augmenting technical change directed by capitalists' maximization of profits with a counterfactual in which decentralized innovation decisions are governed by noncapitalist property relations, I claim that if the two economies start from the same technology and capital stock there's a date T such that after T per-capita consumption is always strictly greater on the counterfactual.

Keywords: Directed technical change; golden rule; growth-distribution duality (search for similar items in EconPapers)
JEL-codes: E25 O31 O41 P51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: Written 2005-01-21
Note: Type of Document - pdf; pages: 21
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