Endogenous Technical Progress in the Theory of Economic Growth. (26th March 2014)

• Record Type: Journal Article
• Authors: Pokrovskii, Vladimir N.
• Other Names: Kuosmanen T. Academic Editor.; Tsionas M. Academic Editor.
• Is Part Of: ISRN economics. Volume 2014(2014)
• Publication Date: 2014-03-26
• Subjects: Economics -- Periodicals; Economics; Periodicals; 330
• DOI: 10.1155/2014/928121
• Languages: English
• ISSNs: 2090-8938

Abstract

Abstract : It is shown that substitutive work, which can be defined as work of production equipment (capital stock) replacing the efforts of workers in production processes, can be considered as a measure of technical progress. The methods of estimation of substitutive work are discussed. The theoretical results are illustrated on the data for the US. economy.