A framework for economic growth with capital-embodied technical change
By: Jones, Benjamin F. and Liu, Xiaojie
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Material type: 
BookPublisher: The American Economic Review Description: 114(5), May, 2024: p.1448-1487.Subject(s): Capital-embodied technology, Technological advance, Automation impact, Productivity growth, Balanced growth, Uzawa Growth Theorem, Innovation framework, Structural transformation, General-purpose technologies, Macroeconomic dynamics, Computing impact, Labor share decline, Productivity slowdown, Economic modeling, Growth theory, Capital inputs, Micro-level innovation, Macroeconomic phenomena, Economic structure, Technological progress
In:
The American Economic ReviewSummary: Technological advance is often embodied in capital inputs, like computers, airplanes, and robots. This paper builds a framework where capital inputs advance through (i) increased automation and (ii) increased productivity. The interplay of these two innovation dimensions can produce balanced growth, satisfying the Uzawa Growth Theorem even though technological progress is capital-embodied. The framework can further address structural transformation, general-purpose technologies, the limited macroeconomic impact of computing, and declining productivity growth and labor shares. Overall, this tractable framework can help resolve puzzling tensions between micro-level observations of innovation and balanced growth while providing new perspectives on numerous macroeconomic phenomena.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/aer.20221180
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
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Articles
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Indian Institute of Public Administration | 114(5), May, 2024: p.1448-1487 | Available | AR132570 |
Technological advance is often embodied in capital inputs, like computers, airplanes, and robots. This paper builds a framework where capital inputs advance through (i) increased automation and (ii) increased productivity. The interplay of these two innovation dimensions can produce balanced growth, satisfying the Uzawa Growth Theorem even though technological progress is capital-embodied. The framework can further address structural transformation, general-purpose technologies, the limited macroeconomic impact of computing, and declining productivity growth and labor shares. Overall, this tractable framework can help resolve puzzling tensions between micro-level observations of innovation and balanced growth while providing new perspectives on numerous macroeconomic phenomena.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/aer.20221180
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