Capital deepening and non-balanced economic growth:
This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share, but simultaneously induces a reall...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
12475 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share, but simultaneously induces a reallocation of capital and labor away from that sector. We first illustrate this force using a general two-sector model. We then investigate it further using a class of models with constant elasticity of substitution between two sectors and Cobb-Douglas production functions in each sector. In this class of models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital share in national income. We also show that for realistic parameter values, the model generates dynamics that are broadly consistent with US data. In particular, the model generates more rapid growth of employment in less capital-intensive sectors, more rapid growth of real output in more capital-intensive sectors and aggregate behavior in line with the Kaldor facts. Finally, we construct and analyze a model of ﾓnon-balanced endogenous growth,ﾔ which extends the main results of the paper to an economy with endogenous anddirected technical change. This model shows that equilibrium will typically involve endogenous non-balanced technological progress. |
| Beschreibung: | Literaturverz. S. 49 - 53 |
| Beschreibung: | 53 S. graph. Darst. 22 cm |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 12475 | |
| 500 | |a Literaturverz. S. 49 - 53 | ||
| 520 | |a This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share, but simultaneously induces a reallocation of capital and labor away from that sector. We first illustrate this force using a general two-sector model. We then investigate it further using a class of models with constant elasticity of substitution between two sectors and Cobb-Douglas production functions in each sector. In this class of models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital share in national income. We also show that for realistic parameter values, the model generates dynamics that are broadly consistent with US data. In particular, the model generates more rapid growth of employment in less capital-intensive sectors, more rapid growth of real output in more capital-intensive sectors and aggregate behavior in line with the Kaldor facts. Finally, we construct and analyze a model of ﾓnon-balanced endogenous growth,ﾔ which extends the main results of the paper to an economy with endogenous anddirected technical change. This model shows that equilibrium will typically involve endogenous non-balanced technological progress. | ||
| 700 | 1 | |a Guerrieri, Veronica |e Verfasser |0 (DE-588)132389673 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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| id | DE-604.BV023592402 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:30Z |
| indexdate | 2024-07-09T21:25:13Z |
| institution | BVB |
| language | English |
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| physical | 53 S. graph. Darst. 22 cm |
| publishDate | 2006 |
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| spelling | Acemoglu, Daron 1967- Verfasser (DE-588)124929575 aut Capital deepening and non-balanced economic growth Daron Acemoglu, Veronica Guerrieri Cambridge, Mass. National Bureau of Economic Research 2006 53 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12475 Literaturverz. S. 49 - 53 This paper constructs a model of non-balanced economic growth. The main economic force is the combination of differences in factor proportions and capital deepening. Capital deepening tends to increase the relative output of the sector with a greater capital share, but simultaneously induces a reallocation of capital and labor away from that sector. We first illustrate this force using a general two-sector model. We then investigate it further using a class of models with constant elasticity of substitution between two sectors and Cobb-Douglas production functions in each sector. In this class of models, non-balanced growth is shown to be consistent with an asymptotic equilibrium with constant interest rate and capital share in national income. We also show that for realistic parameter values, the model generates dynamics that are broadly consistent with US data. In particular, the model generates more rapid growth of employment in less capital-intensive sectors, more rapid growth of real output in more capital-intensive sectors and aggregate behavior in line with the Kaldor facts. Finally, we construct and analyze a model of ﾓnon-balanced endogenous growth,ﾔ which extends the main results of the paper to an economy with endogenous anddirected technical change. This model shows that equilibrium will typically involve endogenous non-balanced technological progress. Guerrieri, Veronica Verfasser (DE-588)132389673 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12475 (DE-604)BV002801238 12475 http://papers.nber.org/papers/w12475.pdf kostenfrei Volltext |
| spellingShingle | Acemoglu, Daron 1967- Guerrieri, Veronica Capital deepening and non-balanced economic growth |
| title | Capital deepening and non-balanced economic growth |
| title_auth | Capital deepening and non-balanced economic growth |
| title_exact_search | Capital deepening and non-balanced economic growth |
| title_exact_search_txtP | Capital deepening and non-balanced economic growth |
| title_full | Capital deepening and non-balanced economic growth Daron Acemoglu, Veronica Guerrieri |
| title_fullStr | Capital deepening and non-balanced economic growth Daron Acemoglu, Veronica Guerrieri |
| title_full_unstemmed | Capital deepening and non-balanced economic growth Daron Acemoglu, Veronica Guerrieri |
| title_short | Capital deepening and non-balanced economic growth |
| title_sort | capital deepening and non balanced economic growth |
| url | http://papers.nber.org/papers/w12475.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT acemogludaron capitaldeepeningandnonbalancedeconomicgrowth AT guerrieriveronica capitaldeepeningandnonbalancedeconomicgrowth |