## Factor Saving Innovation |

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booms capital deepening capital is introduced capital of quality capital q capital stock CEPR competitive equilibrium constant consumption paths correspondence David Levine decline denote the price different qualities economy Email endogenous growth equilibrium consumption exogenous factor saving innovations feasible allocation fixed factor fixed point full employment given growth cycle growth recessions higher quality initial capital initial conditions initial price initial stock input introduce new technologies introduced every period labor constraint labor mobility long-run non-positive observe order conditions path dependence Paul Klemperer perfect competition possible price of capital produce consumption product topology 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 subjective discount factor Subscription sumption technological advance technological innovation technological progress Technology Shocks Theorem unit of capital units of quality Welfare Theorems zero profit conditions