Factor saving innovations and factor income shares
We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the benefits are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased innovati...
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| Formato: | Documento de trabajo (Working Paper) |
| Lenguaje: | Inglés (English) |
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Universidad del Rosario
2007
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| Acceso en línea: | http://repository.urosario.edu.co/handle/10336/11010 |
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ir-10336-110102019-09-19T12:37:01Z Factor saving innovations and factor income shares Zuleta, Hernando Economía financiera Economía Ahorro e inversión Innovaciones tecnológicas::Aspectos Tecnológicos Modelos económicos Crecimiento económico endogenous growth capital using and labor saving innovations factor income shares We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the benefits are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased innovations respond to changes in factors supply. Therefore, as an economy becomes more capital abundant agents try to use capital more intensively. Consequently, (a) the elasticity of output with respect to reproducible factors depends on the capital abundance of the economy and (b) the income share of reproducible factors increases as the economy grows. Another insight of the model is that in some economies the production function converges to an AK in the long run, while in others long-run growth is zero 2007 2015-10-14T12:34:33Z info:eu-repo/semantics/workingPaper info:eu-repo/semantics/acceptedVersion http://repository.urosario.edu.co/handle/10336/11010 Universidad del Rosario eng info:eu-repo/semantics/openAccess application/pdf Universidad del Rosario Facultad de Economía instname:Universidad del Rosario reponame:Repositorio Institucional EdocUR instname:Universidad del Rosario |
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EdocUR - Universidad del Rosario |
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DSpace |
| language |
Inglés (English) |
| topic |
Economía financiera Economía Ahorro e inversión Innovaciones tecnológicas::Aspectos Tecnológicos Modelos económicos Crecimiento económico endogenous growth capital using and labor saving innovations factor income shares |
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Economía financiera Economía Ahorro e inversión Innovaciones tecnológicas::Aspectos Tecnológicos Modelos económicos Crecimiento económico endogenous growth capital using and labor saving innovations factor income shares Zuleta, Hernando Factor saving innovations and factor income shares |
| description |
We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the benefits are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased innovations respond to changes in factors supply. Therefore, as an economy becomes more capital abundant agents try to use capital more intensively. Consequently, (a) the elasticity of output with respect to reproducible factors depends on the capital abundance of the economy and (b) the income share of reproducible factors increases as the economy grows. Another insight of the model is that in some economies the production function converges to an AK in the long run, while in others long-run growth is zero |
| format |
Documento de trabajo (Working Paper) |
| author |
Zuleta, Hernando |
| author_facet |
Zuleta, Hernando |
| author_sort |
Zuleta, Hernando |
| title |
Factor saving innovations and factor income shares |
| title_short |
Factor saving innovations and factor income shares |
| title_full |
Factor saving innovations and factor income shares |
| title_fullStr |
Factor saving innovations and factor income shares |
| title_full_unstemmed |
Factor saving innovations and factor income shares |
| title_sort |
factor saving innovations and factor income shares |
| publisher |
Universidad del Rosario |
| publishDate |
2007 |
| url |
http://repository.urosario.edu.co/handle/10336/11010 |
| _version_ |
1645142366963630080 |
| score |
12,139156 |