On Harrod Neutral Technical Change. Uzawa Revisited
Thomas Russell
TL;DR
This paper offers a concise proof of Uzawa's theorem, demonstrating that only Harrod neutral technical progress aligns with equilibrium steady states in the classic growth model.
Contribution
It provides a simplified proof of Uzawa's theorem, clarifying the conditions for neutral technical change in economic growth models.
Findings
Only Harrod neutral technical progress is consistent with steady state equilibrium.
Simplified proof of Uzawa's theorem.
Revisits classic growth model assumptions.
Abstract
We provide a two line proof of the theorem of Uzawa (1961) that in the classic Solow/Swan growth model, only Harrod neutral (labor augmenting) technical progress is consistent with an equilibrium steady state
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Taxonomy
TopicsEconomic Development and Digital Transformation · Economic Growth and Productivity · Economic Theory and Policy