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Samuelsonian Economics and the Twenty-First Century$
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Michael Szenberg, Lall Ramrattan, and Aron A. Gottesman

Print publication date: 2006

Print ISBN-13: 9780199298839

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199298839.001.0001

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Samuelson and the Factor Bias of Technological Change: Toward a Unified Theory of Growth and Unemployment

Samuelson and the Factor Bias of Technological Change: Toward a Unified Theory of Growth and Unemployment

Chapter:
(p.235) 16 Samuelson and the Factor Bias of Technological Change: Toward a Unified Theory of Growth and Unemployment
Source:
Samuelsonian Economics and the Twenty-First Century
Author(s):

Joseph E. Stiglitz (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199298839.003.0017

This chapter takes account of a simple model Samuelson enunciated over forty years ago on the liberalization of the capital markets. It appraises the capital liberating model first from the traditional equilibrium points of view, and then from his new paradigm of disequilibria or market imperfection points of view. In the equilibrium version, some ambiguity exists as to how technological progress would augment capital or labor. Kaldor's stylized facts approach had assumed away the problem. The standard Harrod–Domar model did not include the effect of technological change, and when added, the disequilibria between exogenous labor, and adjusted warranted growth rate became clear. Solow's modification did improve the analysis by making capital and effective labor grow at the same rate, but at the price of diminishing the concept of a job.

Keywords:   capital market liberalization, fixed coefficients, growth models, technology, capital accumulation, dynamics, Kaldor, Harrod–Domar model

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