The Role of Technological Change
We develop an optimal growth model that includes several important new features. First, technological change is endogenously related to the growth of 'knowledge.' Investment may be directed either towards physical capital or knowledge (or both). Knowledge becomes an effective substitute fo...
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1980
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sg-smu-ink.sis_research-10252019-03-18T03:08:00Z The Role of Technological Change AYRES, Robert U. MILLER, Steven M. We develop an optimal growth model that includes several important new features. First, technological change is endogenously related to the growth of 'knowledge.' Investment may be directed either towards physical capital or knowledge (or both). Knowledge becomes an effective substitute for scarce resources by increasing the technical efficiency of resource utilization both for consumption and in capital. Nevertheless, a finite quantity resource must be embodied in capital and a finite flow is required for depreciation. Thus, there is an upper limit to technical efficiency and economic growth is thus ultimately limited by the availability of renewable resources. For a simple aggregate production function it is shown that technical efficiency never approaches unity on an optimal path. 1980-12-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/sis_research/26 info:doi/10.1016/0095-0696(80)90027-3 https://ink.library.smu.edu.sg/context/sis_research/article/1025/viewcontent/Role_Tech_Change_1980.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Computing and Information Systems eng Institutional Knowledge at Singapore Management University Computer Sciences Technology and Innovation |
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Computer Sciences Technology and Innovation AYRES, Robert U. MILLER, Steven M. The Role of Technological Change |
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We develop an optimal growth model that includes several important new features. First, technological change is endogenously related to the growth of 'knowledge.' Investment may be directed either towards physical capital or knowledge (or both). Knowledge becomes an effective substitute for scarce resources by increasing the technical efficiency of resource utilization both for consumption and in capital. Nevertheless, a finite quantity resource must be embodied in capital and a finite flow is required for depreciation. Thus, there is an upper limit to technical efficiency and economic growth is thus ultimately limited by the availability of renewable resources. For a simple aggregate production function it is shown that technical efficiency never approaches unity on an optimal path. |
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text |
author |
AYRES, Robert U. MILLER, Steven M. |
author_facet |
AYRES, Robert U. MILLER, Steven M. |
author_sort |
AYRES, Robert U. |
title |
The Role of Technological Change |
title_short |
The Role of Technological Change |
title_full |
The Role of Technological Change |
title_fullStr |
The Role of Technological Change |
title_full_unstemmed |
The Role of Technological Change |
title_sort |
role of technological change |
publisher |
Institutional Knowledge at Singapore Management University |
publishDate |
1980 |
url |
https://ink.library.smu.edu.sg/sis_research/26 https://ink.library.smu.edu.sg/context/sis_research/article/1025/viewcontent/Role_Tech_Change_1980.pdf |
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