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ISRN Economics
Volume 2014 (2014), Article ID 928121, 5 pages
http://dx.doi.org/10.1155/2014/928121
Research Article

Endogenous Technical Progress in the Theory of Economic Growth

Moscow State University of Economics, Statistics and Informatics, Moscow 119501, Russia

Received 8 February 2014; Accepted 19 March 2014; Published 26 March 2014

Academic Editors: T. Kuosmanen and M. Tsionas

Copyright © 2014 Vladimir N. Pokrovskii. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

It is shown that substitutive work, which can be defined as work of production equipment (capital stock) replacing the efforts of workers in production processes, can be considered as a measure of technical progress. The methods of estimation of substitutive work are discussed. The theoretical results are illustrated on the data for the US. economy.