A New Class of Production Functions and an Argument against Purely
نویسنده
چکیده
This paper follows Jones (2005) in his approach to deriving the global production function from microfoundations. His framework is generalized by allowing for dependence between the Pareto distributions of laborand capital-augmenting developments. Using the Clayton copula family to capture this dependence, we derive a “Clayton-Pareto” class of production functions that nests both the Cobb-Douglas and the CES. Embedding the resultant production function in a neoclassical growth framework, we draw conclusions for the long-run direction of technical change. Jones’ result of Cobb-Douglas global production functions and purely laboraugmenting technical change hinges on the assumption of independence of marginal Pareto distributions. In our more general case, the shape of local production functions matters for the shape of the global production function, and technical change augments both factors in the long run. Furthermore, the elasticity of substitution between capital and labor may exceed unity and thus yield endogenous growth.
منابع مشابه
A New Class of Production Functions and an Argument Against Purely Labor-Augmenting Technical Change
This paper follows Jones (2005) in his approach to deriving the global production function from microfoundations. His framework is generalized by allowing for dependence between the Pareto distributions of laborand capital-augmenting developments. Using the Clayton copula family to capture this dependence, we derive a “Clayton-Pareto” class of production functions that nests both the Cobb-Dougl...
متن کاملOn Integral Operator and Argument Estimation of a Novel Subclass of Harmonic Univalent Functions
Abstract. In this paper we define and verify a subclass of harmonic univalent functions involving the argument of complex-value functions of the form f = h + ¯g and investigate some properties of this subclass e.g. necessary and sufficient coefficient bounds, extreme points, distortion bounds and Hadamard product.Abstract. In this paper we define and verify a subclass of harmonic univalent func...
متن کاملAn Analysis of the Missions and Goals, Content, Tools, and Functions of Faculty development Centers in World-Class Universities: A Comparative Comparison
Introduction: The purpose of this study was to identify the missions and goals, content, tools, and functions of faculty development centers in world-class universities. Method: This study was conducted using qualitative approach and comparative comparison method and content analysis. Data were collected using the Times 2020 ranking site and sites of centers at world-class universities rated be...
متن کاملA New Class of Spatial Covariance Functions Generated by Higher-order Kernels
Covariance functions and variograms play a fundamental role in exploratory analysis and statistical modelling of spatial and spatio-temporal datasets. In this paper, we construct a new class of spatial covariance functions using the Fourier transform of some higher-order kernels. Moreover, we extend this class of spatial covariance functions to the spatio-temporal setting using the idea used in...
متن کاملNew inequalities for a class of differentiable functions
In this paper, we use the Riemann-Liouville fractionalintegrals to establish some new integral inequalities related toChebyshev's functional in the case of two differentiable functions.
متن کامل