Embodied Technology, the Asymptotic Behavior of Capital's Age, and Soviet Growth

Abstract

One of the most fascinating aspects of Soviet economic development has been the remarkable pace in growth of aggregate output maintained over the substantial period of more than three decades. The pace has been remarkable, though not completely unprecedented, and there need be little doubt about its authenticity. Thanks largely to Professors Abram Bergson, Warren Eason, and Raymond Powell, to Dr. Richard Moorsteen, and to Nancy Nimitz there exists a carefully prepared and consistent record of Soviet Russia's gross national product, capital stock, and labor inputs for the period 1928 through 1961 [4] [13]. In table 1 a portion of this basic record on Soviet economic development is reproduced. The primary purpose of this paper is to explore the usefulness of the hypothesis of embodied technical change for providing insight into sources of the growth in output. II Alternative Aggregate Production Functions and Soviet Growth