Topic
Capital deepening
About: Capital deepening is a research topic. Over the lifetime, 5203 publications have been published within this topic receiving 230297 citations.
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TL;DR: The authors showed that under technological uncertainty optimal returns to capital should exceed, rather than equal, the rate of population growth, where risk is measured in part by the correlation of returns with aggregate marginal utility.
35 citations
TL;DR: In this paper, the effects of wealth-enhanced social status on capital accumulation in an optimizing monetary growth model with liquidity constrained consumption were examined and it was shown that inflation positively affects the steady-state level of the capital stock.
35 citations
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01 Jan 1996
TL;DR: In this paper, the authors discuss the role of finance in the rise of welfare capitalism and the Golden Age Conclusion of economic theory and the historical increase of fixed capital in the United States.
Abstract: Introduction. 1. The End of Economics 2. Economic Theory and the Historical Increase of Fixed Capital 3. Railroads and the Increase in Fixed Capital 4. The Role of Finance 5. Industry Takes Command: The Rise of Welfare Capitalism 6. Modern Finance Capital 7. The Depression and the Limits of Welfare Capitalism 8. The Golden Age Conclusion.
35 citations
TL;DR: In this paper, the authors extend the accounting rules for the depreciation of the total stock of reproducible, human, and natural capital of an economy to incorporate the direct benefits provided by ecosystems and integrate any capital revaluation that occurs through ecosystem restoration and conversion.
Abstract: Sustainable development requires that per capita welfare does not decline over time. The minimum condition is ensuring that any depletion of natural capital is compensated by reproducible and human capital, so that the value of the aggregate stock does not decrease. Meeting this condition is problematic if natural capital includes ecosystems, which not only provide unique goods and services but are also prone to irreversible conversion and abrupt collapse. Net domestic product accounting rules for the depreciation of the total stock of reproducible, human, and natural capital of an economy can be extended to incorporate the direct benefits provided by ecosystems. They also can integrate any capital revaluation that occurs through ecosystem restoration and conversion and the threat of irreversible collapse. These approaches confirm the economic interpretation of sustainability as nondeclining welfare. They can also be used to estimate the changes in the value of ecological capital due to economic activity.
35 citations
TL;DR: In this article, the authors investigated the long-run effects of government spending and taxation in an endogenous growth setting and found that tax increases with government spending up to a level around 60-70 per cent.
Abstract: In this paper we investigate the long-run effects of government spending and taxation in an endogenous growth setting. The model is a variant of Barro’s model (‘Government Expenditure in a Simple Model of Endogenous Growth’, Journal of Political Economy, Vol. 98, 1990, pp. S103–S125) and Lucas’s model (‘On the Mechanics of Economic Development’, Journal of Monetary Economics, Vol. 22, 1988, pp. 3–42) in which human capital accumulation is driven by government spending on public education. To balance the budget the government levies a tax on output in two alternative specifications of the human capital accumulation equation. The results consolidate some recent findings that taxation, when it is used for productive purposes, may lead to faster growth. Growth rates increase with taxes up to a level around 60–70 per cent.
35 citations