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新古典增长模型的稳态路径能否包括资本增进型技术进步?
[Can the Steady-State Path of Neoclassical Growth Model Embrace Capital-Augmenting Technological Progress?]

Author

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  • Li, Defu
  • Huang, Jiuli

Abstract

The celebrated Uzawa(1961) theorem holds that，on the steady-growth path of neoclassical growth model，technological progress must be purely labor-augmenting rather than capital-augmenting，except the special case where the production function takes the form of Cobb-Douglas. With an augmented Ramsey model，however，we prove in this paper that，when investment has adjustment cost which correlates positively with capital-augmenting technology，the steady state growth path can also embrace capital-augmenting technological progress，even if the production function is not Cobb-Douglas. Our conclusions contribute to the study of steady-state condition of neoclassical growth model，and the understanding of the roles of capital and capital-augmenting technology progress in economic growth.

Suggested Citation

  • Li, Defu & Huang, Jiuli, 2012. "新古典增长模型的稳态路径能否包括资本增进型技术进步? [Can the Steady-State Path of Neoclassical Growth Model Embrace Capital-Augmenting Technological Progress?]," MPRA Paper 55044, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:55044
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    References listed on IDEAS

    as
    1. H. Uzawa, 1961. "Neutral Inventions and the Stability of Growth Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 28(2), pages 117-124.
    2. Edmund S. Phelps, 1962. "The New View of Investment: A Neoclassical Analysis," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 76(4), pages 548-567.
    3. Abel, Andrew B & Blanchard, Olivier J, 1983. "An Intertemporal Model of Saving and Investment," Econometrica, Econometric Society, vol. 51(3), pages 675-692, May.
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    5. Foley, Duncan K & Sidrauski, Miguel, 1970. "Portfolio Choice, Investment and Growth," American Economic Review, American Economic Association, vol. 60(1), pages 44-63, March.
    6. Alwyn Young, 2003. "Gold into Base Metals: Productivity Growth in the People's Republic of China during the Reform Period," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1220-1261, December.
    7. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75(4), pages 321-321.
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    More about this item

    Keywords

    Uzawa Steady-state Theorem; Capital-Augmenting Technology; Adjustment Cost; Neoclassical Growth Model;
    All these keywords.

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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