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A Generalized Uzawa Growth Theorem and Capital-Augmenting Technological Change

Gregory Casey and Ryo Horii

ISER Discussion Paper from Institute of Social and Economic Research, Osaka University

Abstract: We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of capital-augmenting technical change. We also build and calibrate a three-factor endogenous growth model with directed technical change and show that it converges to a balanced growth path that is consistent with the empirical evidence. Our results indicate that natural resources including land and directed technical change play a central role in explaining balanced growth.

Date: 2022-01
New Economics Papers: this item is included in nep-eff and nep-gro
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Persistent link: https://EconPapers.repec.org/RePEc:dpr:wpaper:1157

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