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RATE OF AND BIAS TO TECHNICAL CHANGE UNDER A REGIME OF ALMOST HOMOGENEITY OF THE PRODUCTION FUNCTION

Published online by Cambridge University Press:  05 October 2000

Michael J. Panik
Michael J. Panik
Affiliation:
Barney School of Business and Public Administration, University of Hartford
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Abstract

This paper utilizes the concept of almost homogeneity to obtain a generalization of the elasticity of factor substitution. From this, an expression for the bias to technical change is derived that explicitly includes the individual degrees of input homogeneity. It is shown that the relative values of these homogeneity parameters can affect the magnitude and direction of the factor-saving bias to technical change. These parameters also influence the size of the residual or unexplained component of aggregate output growth.

Keywords

Almost HomogeneityBiasResidualTechnical Change
Type
Note
Information
Macroeconomic Dynamics , Volume 4 , Issue 3 , September 2000 , pp. 415 - 421
Copyright
© 2000 Cambridge University Press

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