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Business
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| Number of pages / Number of words: |
5 / 1317 |
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This can be easily formalized. Taking our old Cobb-Douglas production function, Y = AKaL1-a, there is constant returns to scale for all inputs together (since a + (1-a) = 1). Therefore, as noted in the Solow model, it might seem as if output per capital and consumption per capita does not grow unless the exogenous factor, A, grows too...
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To endogenize A, let us first establish the Cobb-Douglas production function for each individual firm:
Yi = AiKia Li1-a
where, one can note, the output of an individual firm is related with capital, labor as well as the "augmentation" of labor by Ai. Arrow (1962) assumed that Ai, the technical augmentation factor, might thus written look specific to the firm, but it is in fact related to total "knowledge" in the economy...
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