- Department of Economics, Swedish University of Agricultural Sciences
Directed technological change and factor shares
Directed technological change (DTC) concerns how stocks of factor-augmenting knowledge evolve relative to each other. We model investment in factor-augmenting knowledge at firm level, and show that relative investment rates depend on the relative factor shares and elasticities. Furthermore, we argue that links between the knowledge stocks and substitution between final goods are crucial to the long-run evolution of the economy. (C) 2013 Elsevier B.V. All rights reserved.
Growth; Directed technological change; Knowledge spillovers
2013, Volume: 119, number: 1, pages: 77-80
Publisher: ELSEVIER SCIENCE SA
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