主题：Neoclassical Growth Theory: Moving Beyond Solow and Uzawa
Carl Marks Professor of Trade and Finance
Gary Jefferson writes about institutions, technology, economic growth, and China’s economic transformation. At Brandeis, Jefferson has joint appointments in the Department of Economics and the International Business School, where he teaches undergraduate and graduate courses in the economics of innovation, development economics, and China.
Jefferson’s publications include, Enterprise Reform in China: Ownership, Transition, and Performance (Oxford University Press, 2000), “What is Driving China’s Decline in Energy Intensity?” Resource and Energy Economics (2004). “R&D and Technology Transfer: Firm-Level Evidence from Chinese Industry,” Review of Economics and Statistics, 2005 “The Sources and Sustainability of China’s Economic Growth,” Brookings Papers on Economic Activity 2006, “A Great Wall of Patents: What is Behind China’s Recent Patent Explosion?” Journal of Development Economics, 2009; and “The Future Trajectory of China’s Political Reform: A Property Rights Interpretation,” Unfinished Reforms in the Chinese Economy, 2014, edited by Jun Zhang, and “Restructuring China’s Research Institutes: Impacts on China’s Research Orientation and Productivity, “Economics of Transition, 2016. Jefferson’s research has been supported by various agencies and foundations, including the World Bank, National Science Foundation, and the Department of Energy.
A graduate of Dartmouth College (A.B.) and Yale University (Ph.D.), Jefferson has lived and taught at the Chinese University of Hong Kong, Wuhan University, and Fudan University and frequently travels to China for his research and speaking engagements. His research has involved extended collaborations with the Chinese Academy of Social Sciences, the National Bureau of Statistics, and the Ministry of Science and Technology.
Abstract: This paper addresses two key shortcomings of the Solow-Uzawa growth model: i) its inability to incorporate capital-augmenting technical change under conditions of a non-unitary substitution elasticity, and ii) the resulting indifference of steady state growth to the role of capital in the economy. By demonstrating how Hicks-invention neutrality can be incorporated into the general case, this paper substantially expands the power of the basic neoclassical growth model to yield insights into the specific avenues through which technology and capital translate into rising living standards.