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Endogenous Technical Change in Alternative Theories of Growth and Distribution

Daniele Tavani and Luca Zamparelli ()

No 1/17, Working Papers from Sapienza University of Rome, DISS

Abstract: This paper surveys the last two and a half decades of non-neoclassical literature on endogenous technical change and the factor distribution of income. The implications of classical- Marxian and post-Keynesian contributions are compared with neoclassical exogenous and endogenous growth theories. We find the comparison illuminating in several respects: despite the strong differences in the assumptions regarding the substitutability between capital and labor, the role of different classes in society, and whether or not productive factors are fully employed, the various alternative models can be classified in a way that highlights remarkable similarities with their neoclassical counterparts. Both neoclassical and alternative theories of endogenous growth: (i) have shown that long-run growth is sensitive to investment decisions; (ii) rely on a linear spillover from the stock of knowledge to the production of innovations, and (iii) match the Kaldor facts in the long run. The comparison allows to evaluate competing theories by looking at the different channels they emphasize: saving behavior and market structure in the neoclassical theories, as opposed to income distribution, the state of the labor market, and investors’ behavior in alternative theories.

Keywords: Endogenous technical change; neoclassical growth; alternative theories; income distribution. (search for similar items in EconPapers)
JEL-codes: B50 D33 O33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme and nep-pke
Date: 2017-01
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Journal Article: ENDOGENOUS TECHNICAL CHANGE IN ALTERNATIVE THEORIES OF GROWTH AND DISTRIBUTION (2017) Downloads
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