Publikácie vydané Ekonomickým ústavom - Working Papers
WP 30 Time-consuming production and economic growth
Autor/Editor
doc. Ing. Daniel Dujava, PhD.
- Rok vydania: 2011
- Počet strán: 34
- ISSN 1337–5598
Súbor na stiahnutie (589,62 kB)
The paper examines theoretical implications of time-consuming production on economic growth based on technological change. Inspired by Austrian theory of capital we build a model of technological change in which various stages of production are formalized as a sequence of CES-production functions. We assume one R&D sector. Successful research consists in invention of new stages of production. Short-run equilibriums when number of stages of production is constant as well as long-run equilibriums are solved. We conclude that endogenous growth is not possible within a simple framework. Modifications of the model allowing for endogenous growth, namely production-accelerating technological progress, are proposed.
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Šancová č. 56
Bratislava 811 05
Tel.: +421-2-5249 8214
lenka.bartosova@savba.sk Slovenská akadémia vied
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