Hirofumi Uzawa proved that for a specific model of this phenomenon to hold, technology must be Harrod neutral, or labor augmenting.
Hirofumi Uzawa proved that for a specific model of this phenomenon to hold, technology must be Harrod neutral, or labor augmenting. The AK model of it violates one of the "stylized facts" summarized by Nicholas Kaldor. Oded Galor's unified theory of this phenomenon seeks to explain how humans escaped the Malthusian trap. Thomas Piketty argued the return to capital is almost always greater than the rate of this phenomenon in Capital in the 21st Century, leading to stored wealth increasing relative to national income. The savings rate is taken as fixed in an exogenous model of this, and that model also predicts eventual convergence of this phenomenon's rate. For 10 points, name this phenomenon modeled by Robert Solow, the increasing economic output over time.
Hirofumi Uzawa proved that for a specific model of this phenomenon to hold, technology must be Harrod neutral, or labor augmenting.
economic growth