000			01794nam a22001577a 4500
999			_c527122 _d527122
008			240805b ||||| |||| 00| 0 eng d
100			_aJones, Benjamin F. and Liu, Xiaojie _956332
245			_aA framework for economic growth with capital-embodied technical change
260			_aThe American Economic Review
300			_a114(5), May, 2024: p.1448-1487
520			_aTechnological 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
650			_aCapital-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 _956333
773			_aThe American Economic Review
906			_aECONOMIC DEVELOPMENT
942			_cAR