Overtakable capitalist growth paths∗
نویسنده
چکیده
Comparing a process of laborand capital-augmenting technical change directed by capitalists’ maximization of profits with a counterfactual in which decentralized innovation decisions are governed by noncapitalist property relations, I claim that if the two economies start from the same technology and capital stock there’s a date T such that after T per-capita consumption is always strictly greater on the counterfactual. Directed technical change, golden rule, growth-distribution duality JEL numbers E25, O31, O41. * I thank Duncan Foley for his comments on a draft. ** 2125 Holland Avenue, Apartment 6H, Bronx, NY 10462; phone: 718-823-9263; email: [email protected].
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