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...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2001
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| 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 |
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| Institution: | Singapore Management University |
| Language: | English |
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