Two-Sector Growth with Endogeneous Technical Change: A Marxian Simulation Model
构建了一个两部门（资本品、消费品）模型，将技术变革和投资作为内生变量，分析经济收敛到比例增长路径的过程，并探讨马克思的资本有机构成上升和利润率下降趋势的实现条件。
Conventional growth literature fails to incorporate technical change and investment as endogenous variables; Marxian growth literature is bedeviled by indeterminacies surrounding technical change and the rate of profit. Both sets of problems are addressed using a two-sector (capital good, consumer good) model, in which capitalists accumulate coexisting vintages of techniques. The parameters of the latest technique are determined by maximizing the innovator's profit, constrained by diminishing returns to mechanization. The model describes the differential impact of goods-, capital-, and labor-market equilibrium on the sectors, as the economy converges to a proportional-growth path. Conditions are identified under which prices approach labor values over time; and under which Marx's "rising composition" and "falling profit rate" tendencies are realized.