Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor's Technical Progress Function

Ekkehart Schlicht

Munich Reprints in Economics from University of Munich, Department of Economics

Abstract: This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsacker. The hybrid model so obtained explains balanced growth in a way that appears less arbitrary than possible explanations in the Solow model, especially because it directly accounts for Harrod neutral technical change, without any need for further assumptions. It complements the current neoclassical and AK models by offering a further perspective for interpreting economic growth.

Date: 2016
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Citations: View citations in EconPapers (4)

Published in Metroeconomica 1 67(2016): pp. 119-151

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Related works:
Journal Article: Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor's Technical Progress Function (2016)
Working Paper: Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function (2015)
Working Paper: Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function (2015)
Working Paper: Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function (2014)
Working Paper: Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function (2014)
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