Technical change and the structure of production in the SM growth model

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Chapter 9 in The Supermultiplier, 2023, pp 154-174 from Edward Elgar Publishing

Abstract: In Keynesian growth models, natural resources and technology are usually treated as supply restrictions to a demand-constrained system. Here we look at technology as the best way to overcome these limits. According to Schumpeter, the major contribution of capitalism is not its efficiency in allocating given scarce resources but its ability to decrease the inputs requirements and increase the surplus derived from them. One of the few consensus elements among economists is that technical change is the most vital driver of economic growth. Followign Harrod and Kaldor we analyze the golden age of capitalism with the supermultiplier model This chapter reviews the economic growth models that pivot on technology. Changes in the structure of production are a variant of technical change, particularly emphasized by economists in developing countries.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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