By Ryuzo Sato
Productiveness of inputs is a vital determinant of the competitiveness of organisations in nationwide and overseas markets. productiveness development arises from planned judgements to innovate however the technological possibilities can be such that varied inputs might have various charges of development. past literature has regularly targeting hard work productiveness yet empirical reports point out that productiveness of capital can be expanding. one of many goals of this e-book is to envision the variation or bias within the productiveness progress of the 2 inputs. during this booklet, program of this normal method of learn of biased technical switch is built and new empirical effects awarded for either macroeconomies and microeconomic businesses.
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Extra info for Biased Technical Change and Economic Conservation Laws (Research Monographs in Japan-U.S. Business and Economics)
If the production function has constant but nonunitary elasticity, then the Diamond-McFadden impossibility theorem states that the elasticity of substitution and bias cannot be estimated simultaneously. The theoretical explanation for the constancy of the factor shares seems to be beyond empirical verification. To break this impasse, Sato (1970) derived the constant elasticity of derived demand (CEDD) production functions which had the convenient property that the elasticity of substitution was proportional to the factor share.
The other tradition can be attributed to Solow’s (1956, 1957) papers, which laid the foundation for the neoclassical growth theory. Solow (1956) assumed a stationary linear homogeneous production function and showed that at low capital–labour ratios the savings will exceed what is needed to maintain the ratio in spite of depreciation and growth in the labour force. This will lead to capital-deepening and to increases in the per capita income until the steady state is reached; thereafter the ratios will remain constant.
Next, m value of P2 , it is a function of u. Hence, from equations (19), we see that for a given FIGURE 1. Phase diagram in P1 À u plane. A MODEL OF OPTIMAL ECONOMIC GROWTH WITH ENDOGENOUS BIAS 41 value of P2 , u_ are functions of P1 and u. 2 The Jacobian of the reduced system is ! 0 y1 , Àf 00 r À b and the roots of the characteristic equation is given by qﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃ ( r À b) Æ ( r À b)2 À 4f 00 y 1 l¼ : 2 One of the roots is positive and the other is negative, showing saddle-point stability in the cross section.