Factor Saving Innovation |
Common terms and phrases
auctions capital deepening capital is introduced capital of quality capital qo capital stock Centre for Economic CEPR competitive equilibrium constant consumption paths correspondence David Levine decline denote the price different qualities Economic Policy Research economy Email endogenous growth equilibrium consumption exogenous factor saving innovations feasible allocation find prices fixed factor fixed point full employment given growth cycle growth recessions initial capital initial conditions initial stock input introduce new technologies labor constraint long-run n(ct non-positive observe order conditions path dependence Paul Klemperer perfect competition possible price of capital produce consumption product topology production plan quality of capital rate of technological real wage relative prices sectors sequence simple plan social planner problem Solow growth model Solow growth path Solow path solves the social stairstep stock of capital sumption technological advance technological innovation technological progress Technology Shocks Theorem unit of capital units of quality Welfare Theorems zero profit conditions