In OPE-L:4853, I wrote
"Frank Thompson's calculations for the U.S. show a basically trendless
relation between GDP and "capital," for almost all measures of capital."
In ope-l 4869, Duncan wrote: "Could you give us the citation on this?"
See my ope-l 3945.
He also commented: "I agree about the "labor-saving" part, but I don't see
why the "replacement of labor by capital" would be classified as
"capital-saving"."
It wouldn't be. But Peterson wrote: "Whatever the industry, almost all
technological advances tend to lead to the substitution of more efficient
capital equipment for less efficient capital equipment." That is
"capital-saving" technical change.
Andrew Kliman