In this paper, we introduce endogenous technological change through R&D expenditure on labor-augmenting innovation in the cyclical growth model by Goodwin (Goodwin, R. 1967. “A Growth Cycle.” In Socialism, Capitalism, and Economic Growth, edited by Carl Feinstein, Cambridge, UK: Cambridge University Press.). Innovation is a costly, forward-looking process financed out of profits, and pursued by owners of capital stock (capitalists) in order to foster labor productivity and save on labor requirements. Our main findings are: (i) Goodwin-type distributive cycles arise even with dynamic optimization, but (ii) endogenous technical change has a dampening effect on economic fluctuations; (iii) steady state per capita growth, income distribution an...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper develops a growth model combining elements of endogenous growth and induced innovation li...
The determinants of the direction of technical change and their implications for economic growth and...
The Goodwin (1967) model assigns distributional conflict a central role in the dynamics of capital a...
We present a steady state analysis of a labor-constrained classical growth model with endogenous dir...
The process of capital accumulation understood as a rise in the capitallabor ratio steadily raises t...
The determinants of the direction of technical change and their implications for economic growth and...
'The process of capital accumulation understood as a rise in the capital-labor ratio steadily raises...
The determinants of the direction of technical change and their implications for economic growth and...
The present paper works out a demand-led growth model of a labour-constrained economy with an endoge...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper presents a classical micro-founded growth model with endogenous direction and size of tec...
The determinants of the direction of technical change and their implications for economic growth an...
The determinants of the direction of technical change and their implications for economic growth and...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper develops a growth model combining elements of endogenous growth and induced innovation li...
The determinants of the direction of technical change and their implications for economic growth and...
The Goodwin (1967) model assigns distributional conflict a central role in the dynamics of capital a...
We present a steady state analysis of a labor-constrained classical growth model with endogenous dir...
The process of capital accumulation understood as a rise in the capitallabor ratio steadily raises t...
The determinants of the direction of technical change and their implications for economic growth and...
'The process of capital accumulation understood as a rise in the capital-labor ratio steadily raises...
The determinants of the direction of technical change and their implications for economic growth and...
The present paper works out a demand-led growth model of a labour-constrained economy with an endoge...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper presents a classical micro-founded growth model with endogenous direction and size of tec...
The determinants of the direction of technical change and their implications for economic growth an...
The determinants of the direction of technical change and their implications for economic growth and...
This paper contributes to the recent macro‐dynamics literature on demand‐led growth, drawing upon th...
This paper develops a growth model combining elements of endogenous growth and induced innovation li...
The determinants of the direction of technical change and their implications for economic growth and...