A Framework for Economic Growth with Capital-Embodied Technical Change

作者：Benjamin F. Jones, Xiaojie Liu · 发表于：American Economic Review · 年份：2024 · DOI：10.1257/aer.20221180 · 被引用次数：29 · 研究领域：Economic Growth and Productivity、Economic Theory and Policy、Economic theories and models

Technological advance is often embodied in capital inputs, like computers, airplanes, and robots. This paper builds a framework where capital inputs advance through (i) increased automation and (ii) increased productivity. The interplay of these two innovation dimensions can produce balanced growth, satisfying the Uzawa Growth Theorem even though technological progress is capital-embodied. The framework can further address structural transformation, general-purpose technologies, the limited macroeconomic impact of computing, and declining productivity growth and labor shares. Overall, this tractable framework can help resolve puzzling tensions between micro-level observations of innovation and balanced growth while providing new perspectives on numerous macroeconomic phenomena. (JEL E22, E23, E24, E25, L16, O33, O41)