A Short Note on the Fallacy of Identification of Technological Progress in Models of Economic Growth

Senay Acikgoz and Merter Mert

SAGE Open, 2015, vol. 5, issue 2, 2158244015579942

Abstract: This study emphasizes the necessity of the Harrod-neutral identification of technological progress for the models of economic growth, which use Cobb–Douglas production function and which are based on stability. Some of the important studies, which reviewed a balanced growth path or a steady state of the Solow model, assumed the nature of technological progress as Hicks-neutral rather than Harrod-neutral. In this work, we have reminded that Harrod-neutral is a better assumption for the nature of technological progress in such studies.

Keywords: Hicks-neutral; Harrod-neutral; technological progress; growth; stability (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:5:y:2015:i:2:p:2158244015579942

DOI: 10.1177/2158244015579942

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