Balanced Growth Despite Uzawa
研究发现美国经济在投资品价格下降且资本与劳动替代弹性小于1时仍保持平衡增长，这与Uzawa增长定理矛盾。通过引入内生教育且资本与教育互补性更强，可解释该现象。
The evidence for the United States points to balanced growth despite falling investment-good prices and a less-than-unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle. However, balanced growth is possible if education is endogenous and capital is more complementary with schooling than with raw labor. We present a class of aggregate production functions for which a neoclassical growth model with capital-augmenting technological progress and endogenous schooling converges to a balanced growth path.