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Author : Kiew Ling Pui
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (969 download)
Download or read book Elasticity of Substitution and Economic Growth written by Kiew Ling Pui and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Claude Diebolt
Publisher : Springer Science & Business Media
ISBN 13 : 3540285563
Total Pages : 244 pages
Book Rating : 4.5/5 (42 download)
Download or read book New Trends in Macroeconomics written by Claude Diebolt and published by Springer Science & Business Media. This book was released on 2005-11-21 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides a new approach to the subject, including a comprehensive survey of novel theoretical approaches, methods, and models used in macroeconomics and macroeconometrics. The book gives extensive insight into economic policy, incorporates a strong international perspective, and offers a broad historical perspective.
Author : Sharmila Gamlath
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)
Download or read book Technical Change, Variable Elasticity of Substitution and Economic Growth written by Sharmila Gamlath and published by . This book was released on 2015 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We incorporate a variable elasticity of substitution production function into an overlapping generations model à la Diamond (1965). We show that a certain parameter in the production function is a source of biased technical change is a crucial determinant of the economy's growth dynamics. For positive values of this parameter, which lead to an elasticity of substitution between capital and labour which is greater than 1, the economy always reaches a unique and stable steady state which is similar to the conditional convergence in the standard Solow growth model. For negative values of this parameter, which yield an elasticity of substitution below 1, the economy could either fall into a poverty trap; or display two steady states, of which one is stable while the other is not, which could, depending on the value of the initial capital stock, potentially result in divergence towards unbounded growth. These different outcomes are consistent with the observed diversity in international growth experiences. The capital biased technical change generated by a higher value of this parameter improves productivity in steady state, but causes an exacerbation of intergenerational inequality.
Download or read book Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the elasticity of substitution using two different production functions. The usual Constant Elasticity of Substitution (CES) production function and a Box-Cox production function for Japan (1890-1991), UK (1870-1991), and US (1890-1992; 1929-2000). The main results are that we find the ES to be non-unitary and changing over time. Our findings have implications for economic growth (theoretical and empirical), as production is an increasing function of the ES. The use of a Cobb-Douglas production function, as in most cases in the literature, hides the role of the ES not only as a source of increase in output but also as a source of technical change. Also, we found in a monte carlo simulation that usual CES production usually does not give reliable estimates for the substitution parameter. Finally, using a CES to calculate TFP across countries, we found that variance of TFP is lower than using a Cobb-Douglas. It implies that the importance of TFP to explain income differences across countries is diminished.
Download or read book The Role of the Elasticity of Substitution in Economic Growth written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alfred Greiner
Publisher : Princeton University Press
ISBN 13 : 1400880157
Total Pages : 205 pages
Book Rating : 4.4/5 (8 download)
Download or read book The Forces of Economic Growth written by Alfred Greiner and published by Princeton University Press. This book was released on 2016-06-28 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process. The authors critically examine recently developed endogenous growth models, study the dynamic implications of modified models, and test the models empirically with modern time series methods that avoid the perils of heterogeneity in cross-country studies. Their empirical analyses, undertaken with newly constructed time series data for the United States and some core countries of the Euro zone, show that models containing scale effects, such as the R&D model and the human capital model, are compatible with time series evidence only after considerable modifications and nonlinearities are introduced. They also explore the relationship between growth and inequality, with particular focus on technological change and income disparity. The Forces of Economic Growth represents a comprehensive and up-to-date empirical time series perspective on the New Growth Theory.
Author : Claudiney Magalhães Pereira
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (527 download)
Download or read book Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth written by Claudiney Magalhães Pereira and published by . This book was released on 2003 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keywords: elasticity of substitution, estimation, production theory.
Author : Mr.Michael Sarel
Publisher : International Monetary Fund
ISBN 13 : 1451855958
Total Pages : 34 pages
Book Rating : 4.4/5 (518 download)
Download or read book On the Dynamics of Economic Growth written by Mr.Michael Sarel and published by International Monetary Fund. This book was released on 1994-11-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the dynamics of economic growth. First, it demonstrates that the standard neoclassical growth model with constant elasticity of intertemporal substitution is not consistent with the patterns of development we observe in the real world, once we consider the initial conditions. Second, it examines an alternative growth model, which is consistent with endogenously determined initial conditions and also generates dynamics that are in accord with the historical patterns of growth rates, capital flows, savings rates and labor supply. The alternative model is a generalized version of the neoclassical growth model, with increasing rates of intertemporal substitution due to a Stone-Geary type of utility.
Author : Mr.Bob Rowthorn
Publisher : International Monetary Fund
ISBN 13 : 1451846304
Total Pages : 39 pages
Book Rating : 4.4/5 (518 download)
Download or read book Unemployment, Capital-Labor Substitution, and Economic Growth written by Mr.Bob Rowthorn and published by International Monetary Fund. This book was released on 1999-03-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the influence of economic growth on the equilibrium unemployment rate (NAIRU). It examines how income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how these factors’ impact depends on the elasticity of substitution between capital and labor. The paper distinguishes between the short-run NAIRU when capital stock is exogenous, and the long-run NAIRU when it is endogenous. It also considers how the analysis must be modified to take into account Keynesian ideas concerning the role of aggregate demand. It concludes that unless the capital stock grows in line with labor supply in efficiency units, the short-run NAIRU will increase, reducing the scope for demand stimulation.
Author : Matteo Aquilina
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (13 download)
Download or read book Elasticity of Substitution, Small Enterprises and Economic Growth written by Matteo Aquilina and published by . This book was released on 2017 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the Lucas (1978) model of firm formation by taking into account a normalised CES function in the production process. In a general equilibrium framework it is proved that there is an inverse relation between the value of the elasticity of substitution and average firm size. This relation is also valid, under fairly general assumptions, in steady state. If interpreted together with the fact richer countries are characterised by a higher elasticity of substitution this result can explain why the recent literature finds a positive association between the importance of SMEs in an economy and its stage of development but seems to fail in finding causality between the two. They have a common origin: a high value of the elasticity of substitution. The paper also provides a first empirical test of the theory proposed using econometric techniques.
Author : Olivier La Grandville
Publisher : Emerald Group Publishing
ISBN 13 : 1780523971
Total Pages : 608 pages
Book Rating : 4.7/5 (85 download)
Download or read book Economic Growth and Development written by Olivier La Grandville and published by Emerald Group Publishing. This book was released on 2011-12-12 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the very beginnings of economics as a science, which might be dated from Ibn Khaldun's "Introduction to History" (1377), the challenge of making societies escape from poverty and attain some degree of prosperity has always been, and can remain, a fundamental issue. This book presents research on each of these issues.
Author : Steve Dowrick
Publisher :
ISBN 13 : 0511192584
Total Pages : 201 pages
Book Rating : 4.5/5 (111 download)
Download or read book Economic Growth and Macroeconomic Dynamics written by Steve Dowrick and published by . This book was released on 2006-06-11 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behaviour of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy.
Author : Mr George M Korres
Publisher : Ashgate Publishing, Ltd.
ISBN 13 : 1409487989
Total Pages : 398 pages
Book Rating : 4.4/5 (94 download)
Download or read book Technical Change and Economic Growth written by Mr George M Korres and published by Ashgate Publishing, Ltd.. This book was released on 2012-11-28 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technological change is not only a determinant of growth but is also a pivotal factor in international competition and the modernization of an economy. In one of the most in-depth and detailed studies of its kind, George Korres analyzes the macroeconomic and the microeconomic factors influencing the economics of innovation and the economic relations between technology, innovation, knowledge and productivity. In particular, this book examines both the theoretical framework and the applications for empirical results. This second edition contributes updated figures and estimations for technical change from EU member states and features new subjects, including growth models, productivity models, production function models and non-parametric models. In one of the most in-depth and detailed studies of its kind, this book captures all the existing contemporary techniques in the theoretical fields as well as the empirical applications of the models.
Author : Marianne Saam
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Distributional Effects of Growth and the Elasticity of Substitution written by Marianne Saam and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reforms that promote economic growth have also an impact on the distribution of capital and income. I consider the effect of a rise in the elasticity of substitution between capital and labor and understand it as liberalization. To evaluate its effects, the normalized CES functions by Klump and de La Grandville (2000) are introduced. A rise in the elasticity of substitution may have an immediate impact on wages. Dynamic effects are studied in the Ramsey model with heterogenous agents by Caselli and Ventura (2000). The existence of a trade-off between growth and equality in liberalizing the economy depends crucially on the choice of the point of normalization. Inequality tends to increase, if an initially low economic flexibility is combined with a high share of capital income, high risk aversion or a wage rate close to the subsistence level. While inequality in a liberalized economy may be higher in the long-term, increases in absolute poverty are compensated quickly.
Author : Philip A. Neher
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.:/5 (42 download)
Download or read book Economic Growth & Development: a Mathematical Introduction written by Philip A. Neher and published by John Wiley & Sons. This book was released on 1971 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Olivier de La Grandville
Publisher : Cambridge University Press
ISBN 13 : 1316558754
Total Pages : 451 pages
Book Rating : 4.3/5 (165 download)
Download or read book Economic Growth written by Olivier de La Grandville and published by Cambridge University Press. This book was released on 2016-11-28 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the second edition of this user-friendly book, Olivier de La Grandville provides a clear and original introduction to the theory of economic growth, its mechanisms and its challenges. The book has been fully updated to incorporate several important new results and proofs since the first edition. In addition to a progressive treatment of dynamic optimization, readers will find intuitive derivations of all central equations of the calculus of variations and of optimal control theory. It offers a new solution to the fundamental question: How much should a nation save and invest? La Grandville shows that the optimal savings rule he suggests not only corresponds to the maximization of future welfare flows for society, but also maximizes the value of society's activity, as well as the total remuneration of labour. The rule offers a fresh alternative to dire current predictions about an ever-increasing capital–output ratio and a decrease of the labour share in national income.
Author : C.A. van Bochove
Publisher : Springer Science & Business Media
ISBN 13 : 9400976844
Total Pages : 345 pages
Book Rating : 4.4/5 (9 download)
Download or read book Imports and Economic Growth written by C.A. van Bochove and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research for this project was carried out while the author was at the staff of the Economics Faculty of Erasmus University Rotterdam. The core results were recorded in discussion papers 7821/G, 7901/G, 7910/G and 8002/G of the faculty's Institute for Economic Research. Working on the project I incurred considerable debts to some professors and fellow staff members of the faculty. Professor P. J. Verdoorn initiated this study by suggesting its subject and by encouraging me to turn my initially hesitantly held view of imports as 'indispensable' inputs into the cornerstone of the analysis; he also read the final manuscript. Professor H. C. Bos' enthusiastic encouragement greatly stimulated me in the arduous phase of the writing of the manuscript; his advise on style and emphasis considerably improved the presentation while his careful reading of the various versions of the manuscript eliminated many non sequiturs and some errors. I am deeply in debt to A. S. W. de Vries who scrutinized not only the manuscript but also the preliminary discussion papers; while sharing an office room with him for six years I had the benefit of many stimulating discussions and he equanimously put up with my moods when I was stuck at some point. I am also in debt to D. P. Broer for checking and improving the optimal control theorem in chapter 7; to Professor R. Harkema for inducing me to write sections 5. 1 and 5.
