MARC Record from Library of Congress

LEADER: 01907cam a22003017a 4500
001 2005615658
003 DLC
005 20050203150814.0
007 cr |||||||||||
008 050112s2004 mau sb 000 0 eng
010 $a 2005615658
040 $aDLC$cDLC$dDLC
050 00 $aHB1
100 1 $aJones, Charles I.$q(Charles Irving)
245 14 $aThe shape of production function and the direction of technical change$h[electronic resource] /$cCharles I. Jones.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10457
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/12/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper views the standard production function in macroeconomics as a reduced form and derives its properties from microfoundations. The shape of this production function is governed by the distribution of ideas. If that distribution is Pareto, then two results obtain: the global production function is Cobb-Douglas, and technical change in the long run is labor-augmenting. Kortum (1997) showed that Pareto distributions are necessary if search-based idea models are to exhibit steady-state growth. Here we show that this same assumption delivers the additional results about the shape of the production function and the direction of technical change"--National Bureau of Economic Research web site.
650 0 $aProduction functions (Economic theory)
650 0 $aTechnological innovations$xEconometric models.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10457.
856 40 $uhttp://papers.nber.org/papers/W10457