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A New Technical Progress Function (1962) |
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| Authors: | Carl Christian Von Weizsäcker |
| Affiliation: | MPI Gemeinschaftsgüter |
| Abstract: | Abstract. In this paper, I show that labour‐saving or capital‐saving technical progress is induced by the distribution of income between capital and labour. In the long run, technical progress is Harrod neutral. The long‐run equilibrium factor income distribution is determined by a parameter of the technical progress function. |
| Keywords: | D33 E13 Induced technical progress factor income distribution quasi‐Cobb– Douglas production function |