A general model of technical change with an application to the OECD countries

Almas Heshmati () and Subal Kumbhakar

Economics of Innovation and New Technology, 2014, vol. 23, issue 1, 25-48

Abstract: In the neoclassical production theory technical change (TC) is specified as a function of time. However, some exogenous external factors other than time can also affect the rate of TC. In this paper, we model TC via a combination of time trend (purely non-economic) and other observable exogenous factors that shift the technology. The exogenous economic factors are used to define several technology indices. These technology indices are embedded into the production function in a flexible manner. By estimating this generalized production function, we get estimates of rate of TC which is decomposed into a pure time component as well as several components attributed to technology indices. The empirical model uses panel data on OECD, accession and enhanced engagement countries observed during 1980--2006.

Date: 2014
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Working Paper: A General Model of Technical Change with an Application to the OECD Countries (2011)
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DOI: 10.1080/10438599.2013.805918

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