TITLE

BIASED TECHNICAL PROGRESS AND A NEOCLASSICAL THEORY OF ECONOMIC GROWTH

AUTHOR(S)
Amano, Akihibo
PUB. DATE
February 1964
SOURCE
Quarterly Journal of Economics;Feb64, Vol. 78 Issue 1, p129
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on the nature of technological progress in neoclassical growth models and investigates its effects on certain class of economic variables. To distinguish clearly between different types of technological improvements according to their effects on a certain class of variables adds little to knowledge about where they come from, but it certainly contributes to the understanding of the long-run change in the economic structure. Neoclassical growth models are ordinarily characterized by the assumptions of full employment of every factor of production with positive real reward, and of perfect competition in every market. The article further informs that the model used has these four factors: there is only one sector in the economy producing a homogeneous commodity with a linear homogeneous production function; there are only two classes of factors of production, capital and labor each unit of the capital good has an infinite durability; and the average propensity to save in the economy as a whole is constant.
ACCESSION #
7697467

 

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