By Ryuzo Sato
The central goal of BIASED TECHNICAL swap AND financial CONSERVATION legislation is twofold: to bare the recent fiscal importance of the outdated suggestion of biased technical swap and the present program of the recent suggestion of monetary conservation laws.
Although phrases corresponding to "labor saving" and "capital saving" fall lower than the class of biased technical switch, the 1st of those issues, no version exists within which biased technical switch offers upward push endogenously to technical development. a different function of this ebook is its thorough research and research of those matters, which cross some distance past current experiences during this area.
The inspiration of financial conservation legislation dates again to Ramsey’s vintage research of 1928. This e-book basically uses Lie teams to shed new gentle at the research of monetary conservation legislation. monetary conservation legislation usually are not easily summary thoughts; this booklet indicates that they're instruments of empirical research that may be utilized to such issues as analyses of macro functionality and company efficiency.
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Extra info for Biased Technical Change and Economic Conservation Laws
And Lian, C. ’’ Macroeconomic Dynamics. Vol. 3. Chapter 3 A MODEL OF OPTIMAL ECONOMIC GROWTH WITH ENDOGENOUS BIAS 1. Introduction Economists have always accorded technological change a crucial role in the interpretation of long-term trends. Theoretical considerations have shown that a clear distinction has to be made between movements along the production function due to changing relative scarcity of inputs and movements of the function itself due to technological change. 1 The resulting discussion, instead of leading to a commonly accepted paradigm, has generated three distinct trends in the literature.
This makes the relative income shares of capital and labor also relatively constant over the long run under the general factor-augmenting type of technical change. The above conclusion need not depend on the traditional Harrod neutrality assumption. ’’ Mimeo, December 2004. , and Kim, Y. , ‘‘Estimation of Biased Technical Progress’’ in Global Competition and Integration, ed. R. Sato, R. Ramachandran, and K. Mino, Kluwer. , and Lian, C. ’’ Macroeconomic Dynamics. Vol. 3. Chapter 3 A MODEL OF OPTIMAL ECONOMIC GROWTH WITH ENDOGENOUS BIAS 1.
It is shown that a function with variable elasticity of substitution [Ex (a) ¼ 1:558a, where x is the capital/labor ratio and a is the share of capital] had more explanatory power than the CES functions with reasonable values for A MODEL OF OPTIMAL ECONOMIC GROWTH WITH ENDOGENOUS BIAS 33 the elasticity of substitution. Further, technological progress is shown to be biased to labor savings. But the analysis by Sato (1970) was not embedded in a model of economic growth. We construct a model with endogenous technological progress that has two properties sought in growth models: 1.