It is a prototypical vintage capital model of ....
1. Economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly.
2.)Technological change is investment specific only. Depreciation in this environment is an economic ,It is not a physical concept.
1. Economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly.
2.)Technological change is investment specific only. Depreciation in this environment is an economic ,It is not a physical concept.
