Capital accumulation, technological change, and income distribution in Argentina (1962-2019)

This paper studies Argentina's economic growth trajectory between 1962 and 2019. To achieve this, we analyze the pattern of technological progress deduced from the dynamics of labor productivity and the output-capital ratio. Between 1962 and the mid-1980s, technical change was Marx-biased (for example, labor-saving and capital-consuming), which resulted in decreased profitability. From then and until 2008, technological change has been Hicks-neutral with increased profitability. Afterward, profitability resumes the negative trend until the end of the analyzed period. The structural change observed since the middle 1970s is associated with a halving of the average rate of capital accumulation, greater macroeconomic volatility, and changes in development models.