Un-balanced Economic Growth
Hing-Man Leung
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Hing-Man Leung: SMU
Development Economics Working Papers from East Asian Bureau of Economic Research
Abstract:
Since the elasticity of substitution between capital and labor is not always one, and since technical progress is not always Harrod-neutral, it is desirable to have an endogenous growth model that admits all sizes of the elasticity and all known technology modes. We derive an equation to do just that, fully describing the per capita income growth rate at all times. It shows a typical economy needing hundreds if not thousands of years to reach its long term growth rate, leading to the conclusion that even the short run may be very long indeed.
Keywords: The elasticity of substitution; Non-Harrod-neutral technology; short-run growth (search for similar items in EconPapers)
JEL-codes: O10 O11 O12 (search for similar items in EconPapers)
Date: 2007-01
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