By Claude Diebolt

New developments in Macroeconomics presents a brand new method of the topic. The imperative target of the booklet is to provide a accomplished survey of novel theoretical ways, tools, and types utilized in macroeconomics and macroeconometrics. The booklet offers vast perception into monetary coverage, encompasses a powerful overseas viewpoint, and gives a vast historic standpoint. Readership are researchers, graduate and post-graduate scholars in utilized economics in addition to expert economists.

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B > 0. b > 0 and sA(ba)1-a > n sf(k)/k sA(ab) 1-a (dk/dt)/k n k b > 0 and sA(ba)1-a < n n sf(k)/k sA(ab) 1-a * k k Variable Elasticity of Substitution and Economic Growth 27 Fig. 2. b < 0. b < 0 and sA(-b(1-a))1-a < n n sf(k)/k sA(-b(1-a)) 1-a k * -(1/b) k b < 0 and sA(-b(1-a))1-a > n sf(k)/k sA(-b(1-a)) 1-a n A -(1/b) 5 Our k (incomplete) review covers only production function that are linearly homogeneous. S. manufacturing industries. Moreover, Bairam [1, 2] rejected the Cobb-Douglas in favor of the VES specification for the Japanese and Soviet economies.

The first is through an increase in k affects the growth rate k/k sAka−1 for any given m. This term is decreasing in k (the Cobb-Douglas part). The second is the change in m, which is linear in k. So an increase in output raises m, which raises output even further. If sA (ba)1−a < n, then the growth rate will eventually become zero. The economy will reach a steady state, which is given as the solution to the following equation (see Figure 1(b)) (13) sA(k∗ )a−1 [1 − a + am(k∗ )]1−a = n. Consider next the case where −1 < b < 0 and 0 < k ≤ −(1/b).

S. Period 1957 1909-60 1930-60 1949-63 1955-57 1957 1929-53 1958 1947-68 1957 1950-60 1973-75 1878-1939 1950-75 1957 Sector Two-digit manufacturing Private non-farm sector Private non-farm sector Two-digit manufacturing Manufacturing firms Two-digit manufacturing Private non-farm sector Two-digit manufacturing Manufacturing Agriculture Food & kindred products Manufacturing Two- & three-digit manufacturing Economy Economy & manufacturing Transportation equipment Table 1. Previous Empirical Considerations of VES Production Functions.

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