capital growth paths of the neoclassical growth model资本增长路径的新古典增长模型.pdfVIP

Capital Growth Paths of the Neoclassical Growth Model Taro Takahashi* Graduate School of Agricultural and Life Sciences, The University of Tokyo, Bunkyo, Tokyo, Japan Abstract This paper derives the first-order approximated paths of both types of capital in the two-capital neoclassical growth model. The derived capital growth paths reveal that the short-run growth effect of capital injection differs considerably depending on which type of capital is enhanced. This result demonstrates the importance of well-targeted capital enhancement programs such as public sector projects and foreign aid. Citation: Takahashi T (2012) Capital Growth Paths of the Neoclassical Growth Model. PLoS ONE 7(11): e49484. doi:10.1371/journal.pone.0049484 Editor: Guido Germano, Philipps-University Marburg, Germany Received April 27, 2012; Accepted October 11, 2012; Published November 20, 2012 Copyright: 2012 Taro Takahashi. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Funding: The author has no support or funding to report. Competing Interests: The author has declared that no competing interests exist. * E-mail: ataro@mail.ecc.u-tokyo.ac.jp Introduction not significantly contribute to growth [11]. This rich collection of upwards and downwards forces makes accurate measurement of For the last half century, the neoclassical model of economic the speed of convergence challenging, with most parameters being growth [1] has been the most widely used starting point for either overestimated or u