Standard growth results without assuming an aggregate production function

Standard growth results without assuming an aggregate production function | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Standard growth results without assuming an aggregate production function Max R. van de Sande Bakhuyzen This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7697323/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The aggregate production function (APF) plays a central role in growth economics but has long faced criticism for its weak foundations. This paper examines whether three standard results from growth theory continue to hold when the APF is not imposed as a maintained assumption. To this end, it introduces and analyzes a multisector growth model that does not rely on an APF. Abstracting from exogenous technological change for simplicity, the model delivers three key results: global asymptotic stability of the steady state; the long-run standard of living does not decline when the population growth rate falls; and the long-run standard of living does not decline when any investment rate increases, under an additional axiom that is reasonable for OECD countries. These results are well known from the Solow-Swan and augmented Solow models, both of which are special cases of the multisector framework and assume an APF. Thus, the paper demonstrates that these standard results are robust to the removal of the APF as a maintained assumption. JEL Classification: E13 , O41 Solow-Swan model augmented Solow model multisector growth robustness of growth results global asymptotic stability level effect Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-7697323","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":524865661,"identity":"5e888955-554b-46c6-95f4-0ada08c77cc4","order_by":0,"name":"Max R. van de Sande Bakhuyzen","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA00lEQVRIiWNgGAWjYNACNoYEfgkwS0KGeC2SMxgYG4BaeIjXYnADrIWBsBbd9jMGzDxldXnGt5uPP7pRY8HDwH746AZ8WszOpCUw85w7XGx251hic84xoMN40tJu4NVyIPkA48y2A4nbbuQYNuewAbVI8Jjh13L+YQNQS13i5hkgLf+I0XIj+QDDxzbmxA0SQC25bURpeZZw4APQLxI30hJn5/ZJ8LAR9Mv5HMMHCcAQ45+RfOBzzrc6OX72w8fwagGBAyg8NkLKR8EoGAWjYBQQBgDWx0pQxiwVNQAAAABJRU5ErkJggg==","orcid":"","institution":"","correspondingAuthor":true,"prefix":"","firstName":"Max","middleName":"R. van de Sande","lastName":"Bakhuyzen","suffix":""}],"badges":[],"createdAt":"2025-09-23 19:23:16","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-7697323/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-7697323/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":93649920,"identity":"8569895f-4ba8-4206-b539-61713ee0e012","added_by":"auto","created_at":"2025-10-16 05:33:17","extension":"json","order_by":0,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":3343,"visible":true,"origin":"","legend":"","description":"","filename":"b32321d3d8424b869d68b1538bf94891.json","url":"https://assets-eu.researchsquare.com/files/rs-7697323/v1/860ea494a01af75bb6153b3e.json"},{"id":93849372,"identity":"854a01cb-f25a-45cf-a26d-4ea774340407","added_by":"auto","created_at":"2025-10-18 17:01:39","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":502290,"visible":true,"origin":"","legend":"","description":"","filename":"MaxVdsBMultisectorGrowth.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7697323/v1_covered_9a049f87-8177-4a55-bfe4-c0ddde7aafec.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Standard growth results without assuming an aggregate production function","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Solow-Swan model, augmented Solow model, multisector growth, robustness of growth results, global asymptotic stability, level effect","lastPublishedDoi":"10.21203/rs.3.rs-7697323/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7697323/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe aggregate production function (APF) plays a central role in growth economics but has long faced criticism for its weak foundations. 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