Habit formation, work ethics and technological progress
AbstractWork ethics affect labour supply. This idea is modelled assuming that work is habit forming. We introduce working habits in a neoclassical growth model and compare its outcomes with a model without habit formation. In addition, we analyse the impact of different forms of technical progress. The findings are that (i) labour supply in the habit formation case is higher than in the neoclassical case; (ii) unlike in the neoclassical case, labour supply in the presence of habit formation depends on the kind of technical progress; and (iii) the kind of technical progress will hence affect the steady-state levels of consumption, capital stock and output. Copyright Blackwell Publishing Ltd and The Victoria University of Manchester, 2004.
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School.
Volume (Year): 72 (2004)
Issue (Month): 3 (06)
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Other versions of this item:
- Joao Ricardo Faria & Miguel A. Leon-Ledesma, 2002. "Habit Formation, Work Ethics, and Technological Progress," Studies in Economics 0210, Department of Economics, University of Kent.
- D99 - Microeconomics - - Intertemporal Choice and Growth - - - Other
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
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