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Creator: Boldrin, Michele and Levine, David K. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 301 Abstract:
We study a simple model of factor saving technological innovation in a concave framework. Capital can be used either to reproduce itself or, at additional cost, to produce a higher quality of capital that requires less labor input. If higher quality capital can be produced quickly, we get a model of exogenous balanced growth as a special case. If, however, higher quality capital can be produced slowly, we get a model of endogenous growth in which the growth rate of the economy and the rate of adoption of new technologies are determined by preferences, technology, and initial conditions. Moreover, in the latter case, the process of growth is necessarily uneven, exhibiting a natural cycle with alternating periods of high and low growth. Growth paths and technological innovations also exhibit dependence upon initial conditions. The model provides a step toward a theory of endogenous innovation under conditions of perfect competition.
Palavra-chave: Innovation and invention, One, two and multisector growth models, Measurement of economic growth, Choices and consequences, Technological change, Processes and incentives, and Aggregate productivity Sujeito: C61 - Optimization Techniques; Programming Models; Dynamic Analysis, O30 - Innovation; Research and Development; Technological Change; Intellectual Property Rights: General, D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity, O40 - Economic Growth and Aggregate Productivity: General, and D41 - Market Structure, Pricing, and Design: Perfect Competition
Creator: Schmitz, James Andrew Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 240 Abstract:
In this paper, I estimate the impact on aggregate labor productivity of having government, rather than private industry, produce investment goods. This policy was pursued to varying degrees by Egypt, India, Turkey, among others. The policy has a large impact because there is both a direct effect (on the production function in the investment sector) and a secondary effect (on the economywide capital stock per worker). I estimate that this policy alone accounted for about one-third of Egypt's aggregate labor productivity gap with the United States during the 1960s.
Palavra-chave: Aggregate productivity, Government production, and Public enterprises Sujeito: O11 - Macroeconomic Analyses of Economic Development, L32 - Public Enterprises; Public-Private Enterprises, E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, and O40 - Economic Growth and Aggregate Productivity: General