Solow vs. Solow: Machine Prices and Development

Boyan Jovanovic () and Rafael Rob
Authors registered in the RePEc Author Service: Rafael Robb

No 5871, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Machines are more expensive in poor countries, and the relation is pronounced. It is hard for a Solow (1956) type of model to explain the relation between machine prices and GDP given that in most countries equipment investment is under 10% of GDP. A stronger relation emerges in a Solow (1959) type of vintage model in which technology is embodied in machines.

Date: 1997-01
Note: PR
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