{"id":5790,"date":"2017-12-11T09:32:22","date_gmt":"2017-12-11T00:32:22","guid":{"rendered":"https:\/\/www.waseda.jp\/fpse\/winpec\/?p=5790"},"modified":"2017-12-11T09:32:22","modified_gmt":"2017-12-11T00:32:22","slug":"%ef%bc%91%ef%bc%92%e6%9c%88%ef%bc%92%ef%bc%90%e6%97%a5%e7%8f%be%e6%94%bf%e7%a0%94%e3%82%bb%e3%83%9f%e3%83%8a%e3%83%bc%ef%bc%88%e5%a0%80%e4%ba%95%e4%ba%ae%e5%85%88%e7%94%9f%ef%bc%89%e3%81%ae%e3%81%94","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fpse\/winpec\/news\/2017\/12\/11\/5790\/","title":{"rendered":"\uff11\uff12\u6708\uff12\uff10\u65e5\u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\uff08\u5800\u4e95\u4eae\u5148\u751f\uff09\u306e\u3054\u6848\u5185\u3000the WINPEC Seminar on December 20th."},"content":{"rendered":"<p><span lang=\"EN-US\"><span style=\"font-family: Arial;\">\u00a0<\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: '\uff2d\uff33 \u30b4\u30b7\u30c3\u30af'; font-size: 12pt;\">\u203b<\/span><span lang=\"EN-US\"><span style=\"font-family: Arial;\">Please kindly scroll down for English version.<\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u3010\u65e5\u3000\u6642\u3011\uff11\uff12\u6708\uff12\uff10\u65e5\uff08\u6c34\uff09\uff11\uff16\uff1a\uff13\uff10\uff5e\uff11\uff18\uff1a\uff10\uff10<\/p>\n<p>\u3010\u5834\u3000\u6240\u3011\u65e9\u7a32\u7530\u5927\u5b66\u3000\u65e9\u7a32\u7530\u30ad\u30e3\u30f3\u30d1\u30b9\uff13\u53f7\u9928\uff11\uff10\u968e \u7b2c\u4e00\u4f1a\u8b70\u5ba4<\/p>\n<p>\u3010\u5831\u544a\u8005\u3011\u3000\u5800\u4e95\u3000\u4eae\u3000\u5148\u751f\u3000\uff08\u5927\u962a\u5927\u5b66\u3000\u793e\u4f1a\u7d4c\u6e08\u7814\u7a76\u6240\u3000\u6559\u6388\uff09<\/p>\n<p>\u3010\u30bf\u30a4\u30c8\u30eb\u3011<\/p>\n<p>A Multi-factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change (with Gregory Casey)<\/p>\n<p>\u3010\u6982\u8981\u3011<\/p>\n<p>On a balanced growth path in the standard neoclassical growth model, all\u00a0technical 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\u00a0well-established facts in macroeconomics: (a) the relative price of investment has been\u00a0falling over time, which implies the rate of capital-augmenting technological change is\u00a0positive, and (b) the elasticity of substitution between capital and labor is significantly\u00a0less than one, ruling out the Cobb-Douglas case. We show that this puzzle emerges\u00a0because previous studies focus only on labor and capital, ignoring other non-accumulable factors, such as land. We develop an endogenous growth model with three\u00a0factors of production. In the model, firms choose whether to direct technological change\u00a0towards labor, capital, or land. We show that, even with a less than unitary elasticity of\u00a0substitution between labor and capital, the endogenously determined rate of capital-augmenting technological change is strictly positive on the balanced growth path,\u00a0consistent with the observed facts.<\/p>\n<p>\u3010\u62db\u8058\u6559\u54e1\u3011\u3000\u4e0a\u7530\u3000\u6643\u4e09\u3000\u5148\u751f<\/p>\n<p>\u3010\u4f7f\u7528\u8a00\u8a9e\u3011\u3000\u82f1\u8a9e<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\u306f\u5e83\u304f\u307f\u306a\u3055\u307e\u306b\u3072\u3089\u304b\u308c\u305f\u30bb\u30df\u30ca\u30fc\u3067\u3059\u3002<\/p>\n<p>\u7686\u69d8\u306e\u5fa1\u53c2\u52a0\u3092\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>*English<\/p>\n<p>&nbsp;<\/p>\n<p>\u3010TIME\u301120th, December Wednesday, 16:30-18:00<\/p>\n<p>\u3010Venue\u3011The meeting room (conference room) #1, BUILDING 3 &#8211; Floor 10.<\/p>\n<p>\u3010Presenter\u3011Ryo HORII \u00a0(Osaka University, Professor, Institute of Social and Economic Research)<\/p>\n<p>&nbsp;<\/p>\n<p>\u3010Title\u3011A Multi-factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change (with Gregory Casey)<\/p>\n<p>&nbsp;<\/p>\n<p>\u3010Abstract\u3011<\/p>\n<p>On a balanced growth path in the standard neoclassical growth model, all\u00a0technical 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\u00a0well-established facts in macroeconomics: (a) the relative price of investment has been\u00a0falling over time, which implies the rate of capital-augmenting technological change is\u00a0positive, and (b) the elasticity of substitution between capital and labor is significantly\u00a0less than one, ruling out the Cobb-Douglas case. We show that this puzzle emerges\u00a0because previous studies focus only on labor and capital, ignoring other non-accumulable factors, such as land. We develop an endogenous growth model with three\u00a0factors of production. In the model, firms choose whether to direct technological change\u00a0towards labor, capital, or land. We show that, even with a less than unitary elasticity of\u00a0substitution between labor and capital, the endogenously determined rate of capital-augmenting technological change is strictly positive on the balanced growth path,\u00a0consistent with the observed facts.<\/p>\n<p>\u3010Organizer\u3011Prof. Kozo UEDA<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>We encourage your participation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0\u203bPlease kindly scroll down for English version. &nbsp; \u3010\u65e5\u3000\u6642\u3011\uff11\uff12\u6708\uff12\uff10\u65e5\uff08\u6c34\uff09\uff11\uff16\uff1a\uff13\uff10\uff5e\uff11\uff18\uff1a\uff10\uff10 \u3010\u5834\u3000\u6240\u3011\u65e9\u7a32\u7530\u5927\u5b66\u3000\u65e9\u7a32\u7530\u30ad\u30e3\u30f3\u30d1\u30b9\uff13\u53f7\u9928\uff11\uff10\u968e \u7b2c\u4e00 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[103,104,105,1],"tags":[99,18],"class_list":["post-5790","post","type-post","status-publish","format-standard","hentry","category-news-en","category-other-en","category-other","category-news","tag-events-en","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/5790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/comments?post=5790"}],"version-history":[{"count":0,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/5790\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media?parent=5790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/categories?post=5790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/tags?post=5790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}