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单词 Hicks-neutral technical progress
释义
Hicks-neutral technical progress

Economics
  • Technical progress where with any given factor proportions the average and marginal products of all factors increase in the same proportion. Thus if Y = F(K, L), where Y is output, K is labour, and L is capital, and the function F(K, L) has constant returns to scale, output after Hicks-neutral technical progress where the productivity of each factor rises to λ‎ > 1 times its former level is given by

    Y*=F(λK,λL)=λF(K,L)=λY.

    See also Harrod-neutral technical progress.


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