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Persistence of Extensive Growth

  • Marcel Savioz
Part of the Studies in Contemporary Economics book series (CONTEMPORARY)

Abstract

If the key word of Chapter Two is “modernization investment”, the key word of Chapter three is “misinvestment”. What is a misinvestment? A misinvestment is an investment which conserves or changes the composition of capital stock away from its desired long run composition. Misinvestments make the convergence process to the desired long run composition of capital stock lengthy because sooner or later corrective investments have to be undertaken.

Keywords

Capital Stock Total Factor Productivity Relative Cost Capital Structure Adjustment Cost 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 1992

Authors and Affiliations

  • Marcel Savioz
    • 1
  1. 1.Volkswirtschaftliches InstitutUniversität BernBernSwitzerland

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