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【日 時】12月20日(水)16:30~18:00
【場 所】早稲田大学 早稲田キャンパス3号館10階 第一会議室
【報告者】 堀井 亮 先生 (大阪大学 社会経済研究所 教授)
【タイトル】
A Multi-factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change (with Gregory Casey)
【概要】
On a balanced growth path in the standard neoclassical growth model, all technical change must be labor-augmenting, unless the production function is Cobb-Douglas. This result, known as the Uzawa steady state theorem, is at odds with two well-established facts in macroeconomics: (a) the relative price of investment has been falling over time, which implies the rate of capital-augmenting technological change is positive, and (b) the elasticity of substitution between capital and labor is significantly less than one, ruling out the Cobb-Douglas case. We show that this puzzle emerges because previous studies focus only on labor and capital, ignoring other non-accumulable factors, such as land. We develop an endogenous growth model with three factors of production. In the model, firms choose whether to direct technological change towards labor, capital, or land. We show that, even with a less than unitary elasticity of substitution between labor and capital, the endogenously determined rate of capital-augmenting technological change is strictly positive on the balanced growth path, consistent with the observed facts.
【招聘教員】 上田 晃三 先生
【使用言語】 英語
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*English
【TIME】20th, December Wednesday, 16:30-18:00
【Venue】The meeting room (conference room) #1, BUILDING 3 – Floor 10.
【Presenter】Ryo HORII (Osaka University, Professor, Institute of Social and Economic Research)
【Title】A Multi-factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change (with Gregory Casey)
【Abstract】
On a balanced growth path in the standard neoclassical growth model, all technical change must be labor-augmenting, unless the production function is Cobb-Douglas. This result, known as the Uzawa steady state theorem, is at odds with two well-established facts in macroeconomics: (a) the relative price of investment has been falling over time, which implies the rate of capital-augmenting technological change is positive, and (b) the elasticity of substitution between capital and labor is significantly less than one, ruling out the Cobb-Douglas case. We show that this puzzle emerges because previous studies focus only on labor and capital, ignoring other non-accumulable factors, such as land. We develop an endogenous growth model with three factors of production. In the model, firms choose whether to direct technological change towards labor, capital, or land. We show that, even with a less than unitary elasticity of substitution between labor and capital, the endogenously determined rate of capital-augmenting technological change is strictly positive on the balanced growth path, consistent with the observed facts.
【Organizer】Prof. Kozo UEDA
We encourage your participation.