Elasticity of substitution and general model of economic growth

Constantin Chilarescu

International Journal of Economic Theory, 2026, vol. 22, issue 2, 237-255

Abstract: The main purpose of this paper is to generalize some recent results obtained by Chilarescu and Manuel Gomez. Essentially, we are trying to study the effect of elasticity of substitution on the parameters of economic growth, based on its two possible values—lower and higher than one. We show that a higher elasticity of substitution increases per capita income, the relative share of physical capital, the common growth rate, and the share of human capital allocated to the production sector, and this property is not affected by the position of the elasticity of substitution—below or above one.

Date: 2026
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https://doi.org/10.1111/ijet.70018

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Working Paper: Elasticity of substitution and general model of economic growth (2025)
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