Ítem
Acceso Abierto
Biased technological change, human capital and factor shares
Título de la revista
Autores
Zuleta, Hernando
Fecha
2007
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Editor
Universidad del Rosario
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Resumen
Abstract
We propose a one-good model where technological change is factor saving and costly. We consider a production function with two reproducible factors: physical capital and human capital, and one not reproducible factor. The main predictions of the model are the following: (a) The elasticity of output with respect to the reproducible factors depends on the factor abundance of the economies. (b) The income share of reproducible factors increases with the stage of development. (c) Depending on the initial conditions, in some economies the production function converges to AK, while in other economies long-run growth is zero. (d) The share of human factors (raw labor and human capital) converges to a positive number lower than one. Along the transition it may decrease, increase or remain constant.
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Keywords
endogenous growth , human capital , factor using and factor saving innovations , factor income shares