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By E. Van Imhoff

This publication reports optimum monetary development in a closed financial system which reports non-stable inhabitants progress. The economic system is defined via a neoclassical progress version which distinguishes overlapping generations in the inhabitants. the fundamental neoclassical development version is prolonged to incorporate numerous kinds of technical swap, in addition to funding in human capital or schooling. The study defined during this booklet connects the analytical instruments of conventional progress conception with the particular demographic event of so much industrialized nations. The position of demographic strategies within the development­ theoretical literature is mentioned within the subsequent part. The dialogue will exhibit that progress concept must expand its scope in the course of the building of development versions which explicitly realize demographic forces as a possible resource of non-stationarities. This e-book constitutes a primary try at one of these demographic extension. 1.1 progress concept and demographic swap the speculation of financial progress (e.g. Solow, 1970; Burmeister & Dobell, 1970; Wan, 1971) makes an attempt to explain and to provide an explanation for the long-run improvement of an economic climate (or, briefly, economy). An economic climate is largely dynamic in nature. one of the most vital resources of dynamics in economics are the next: accumulation of capital (investment); technical switch; inhabitants development. a few of these dynamic forces are, a minimum of partly, endogenous to the commercial procedure (i.e. made up our minds through monetary variables).

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W K Q=K A D A Solow D E A - mK - (wL/O')·(-l/WL)·(-R) - 0 - mK - R/O' IQ=£ - mK + WL·(l-l/O')·(l/WK)·(-R) A W K (16) - R- (17) From (5) and (15)-(17) we can deduce the following conclusions: Technical change simultaneously Hicks-neutral, Harrod-neutral and Solowneutral is possible i f and only i f the elasticity of substitution equals unity (cf. 2 46 Hicks-neutral, Harrod-neutral and Classifications of technical change Solow-neutral, then the production function is Cobb-Douglas. If technical change is simultaneously Hicks-neutral and Harrod-neutral, then it is also Solow-neutral; if it is simultaneously Harrod-neutral and Solow-neutral, then it is also Hicks-neutral; if it is simultaneously Solow-neutral and Hicks-neutral, then it is also Harrod-neutral.

The founding father of the embodiment hypothesis Solow (1960) formulated its essence as follows: "Improvements in [embodied] technology affect output only to the extent that they are carried into practice either by net capital formation or by the replacement of old- fashioned equipment by the latest models, with a consequent shift in the distribution of equipment by date of birth" (p. 91). Wan (1971) defines embodied technical progress as "an' inward shift' of the entire isoquant map ... due to the use of newer equipment" (p.

It is not immediately clear why the former type of investment should be labelled "shifting the production function" while the latter is simply labelled "accumulation of physical capital". Shell "technical knowledge" (1967b) constructs a and physical capital are growth model treated in a in which practically identical way. Yet, when in the same volume the model is slightly reformulated it appears that he interprets increases in technical knowledge as shifting the production function (Shell, 1967a).

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