Factor Substitution and Endogenous Growth
We argue that the degree of substitutability between skilled and unskilled workers in production increases long-term income growth rate. Growth rate reaches its maximum when such factors are perfect substitutes, but falls to zero when they are perfect complements. This model brings together the dive...
Saved in:
| Main Author: | |
|---|---|
| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2001
|
| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/700 https://ink.library.smu.edu.sg/context/soe_research/article/1699/viewcontent/Factors.pdf |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | Singapore Management University |
| Language: | English |