Economics · Technological Progress and Growth
Harrod-neutral technical progress is characterized as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Capital-augmenting, raising the productivity of capital at a constant capital-labour ratio
- 2Labour-augmenting, keeping the capital-output ratio constant along a steady-state growth path✓
- 3Hicks-neutral, raising the productivity of all factors proportionally
- 4Factor-saving with a bias towards reducing labour input per unit of output
Correct answer
Labour-augmenting, keeping the capital-output ratio constant along a steady-state growth path
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