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Solow vs. Solow: Machine Prices and Development

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Boyan Jovanovic
Rafael Rob

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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5871.

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Date of creation: Jan 1997
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Handle: RePEc:nbr:nberwo:5871

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Robert J. Barro & N. Gregory Mankiw & Xavier Sala-i-Martin, 1995. "Capital Mobility in Neoclassical Models of Growth," NBER Working Papers 4206, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Cooley, T.F. & Greenwood, J. & Yorukoglu, M., 1995. "The Replacement Problem," UWO Department of Economics Working Papers 9508, University of Western Ontario, Department of Economics.
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  3. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August. [Downloadable!] (restricted)
  4. Jones, Charles I., 1994. "Economic growth and the relative price of capital," Journal of Monetary Economics, Elsevier, vol. 34(3), pages 359-382, December. [Downloadable!] (restricted)
  5. Andres Rodriguez-Clare, 1996. "The role of trade in technology diffusion," Discussion Paper / Institute for Empirical Macroeconomics 114, Federal Reserve Bank of Minneapolis. [Downloadable!]
  6. Pack, Howard, 1988. "Industrialization and trade," Handbook of Development Economics, in: Hollis Chenery† & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 1, chapter 9, pages 333-380 Elsevier. [Downloadable!] (restricted)
  7. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May. [Downloadable!] (restricted)
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  8. Romer, Paul, 1994. "New goods, old theory, and the welfare costs of trade restrictions," Journal of Development Economics, Elsevier, vol. 43(1), pages 5-38, February. [Downloadable!] (restricted)
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  9. William Easterly & Robert King & Ross Levine & Sergio Rebelo, 1994. "Policy, Technology Adoption, and Growth," NBER Working Papers 4681, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Robert J. Barro & Jong-Wha Lee, 1993. "International Comparisons of Educational Attainment," NBER Working Papers 4349, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Easterly, William & Kremer, Michael & Pritchett, Lant & Summers, Lawrence H., 1993. "Good policy or good luck?: Country growth performance and temporary shocks," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 459-483, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Dwyer, Douglas, 1997. "Technology Locks, Creative Destruction, and Non-Convergence in Productivity Levels," Working Papers 97-24, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  2. Hiromi Nosaka, 2004. "The effects of land price on the quality of capital and maulti-factor productivity," Hi-Stat Discussion Paper Series d03-21, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  3. Herrendorf, Berthold & Teixeira, Arilton, 2003. "Monopoly Rights can Reduce Income Big Time," CEPR Discussion Papers 3854, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Plutarchos Sakellaris & Daniel J. Wilson, 2004. "Quantifying Embodied Technological Change," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(1), pages 1-26, January. [Downloadable!] (restricted)
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  5. Pessoa, Samuel de Abreu & Rob, Rafael, 2002. "Vintage Capital, Distortions and Development," Economics Working Papers (Ensaios Economicos da EPGE) 447, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  6. Stephen L. Parente, 2000. "Learning-by-Using and the Switch to Better Machines," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 675-703, October. [Downloadable!] (restricted)
  7. Jonathan Eaton & Samuel Kortum, 2001. "Trade in Capital Goods," NBER Working Papers 8070, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Maurizio Iacopetta, 2008. "Technological progress and inequality: an ambiguous relationship," Journal of Evolutionary Economics, Springer, vol. 18(3), pages 455-475, August. [Downloadable!] (restricted)
  9. Huseyin cagri SAGLAM, 2002. "Optimal pattern of technology adoption under embodiment with a finite planning horizon : A multi-stage optimal control approach," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  10. Samuel de Abreu Pess & Rafael Rob, 2002. "Vintage Capital, Distortions and Development," Penn CARESS Working Papers ee2dae6cb07096d09f83c7bca, Penn Economics Department. [Downloadable!]
  11. Hendricks, Lutz, . "Equipment Investment and Growth In Developing Countries," Working Papers 97/5, Arizona State University, Department of Economics. [Downloadable!]
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