Concluding Remarks

Abstract

This volume has focused on investigating the influence of technological progress on the distribution of income between labor and capital, as well as on the unemployment rate, concentrating specifically on the role of biased technological progress. Canonical growth models, both exogenous and endogenous, have most often been used to analyze the properties of the steady state equilibrium, assuming technological progress to be neutral. This is because the properties of the steady state equilibrium attained under neutral technological progress can consistently explain the so-called “stylized facts of capitalist development” that represent broad historical constancies of macroeconomic variables such as the capital/output ratio, labor share of income, and rate of return on capital.