编号：E-2025-10-1
题目：Cobb-Douglas Technology Choice
作者：Bo Zhang
联系方式：Bo Zhang, bozhang@pku.edu.cn
摘要：This paper studies how technology choice shapes aggregate production and structural transformation. We develop a general equilibrium framework in which all feasible technologies are Cobb–Douglas but differ in productivity and capital share. We show that the aggregate production function emerges as the envelope of firm-level choices, that any equilibrium can be represented with at most two technologies, and that equilibria may feature single-technology adoption, multi-technology mixtures, or non-existence depending on endowments and the technology set. In a multi-sector extension, development generates a predictable sequence of industry upgrading, with sectors shifting from labor-intensive to capital-intensive techniques along sharp phase boundaries. The framework provides a tractable foundation for linking micro-level technology menus to macroeconomic dynamics and offers new insights into the theory of structural change and long-run growth.
