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Final Goods Substitutability and Economic Growth

Author

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  • Koki Oikawa

    (Nihon University, Population Research Institute)

Abstract

In this paper, I investigate the effect of substitutability among final goods on welfare growth under the environment that productivity growth in each industry is not independent of one another. In such an environment, less substitutability is favorable to the welfare growth rate and the steady state welfare level, contrasting to Baumol (1967) and Lucas (1988).

Suggested Citation

  • Koki Oikawa, 2007. "Final Goods Substitutability and Economic Growth," Economics Bulletin, AccessEcon, vol. 15(16), pages 1-7.
    • Handle: RePEc:ebl:ecbull:eb-07o40007
    as

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    File URL: http://www.accessecon.com/pubs/EB/2007/Volume15/EB-07O40007A.pdf
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    References listed on IDEAS

    as
    1. Jovanovic, Boyan & Nyarko, Yaw, 1996. "Learning by Doing and the Choice of Technology," Econometrica, Econometric Society, vol. 64(6), pages 1299-1310, November.
    2. Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), 2007. "Economic Growth," Books, Edward Elgar Publishing, number 3958.
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    Cited by:

    1. Oikawa, Koki, 2010. "Uncertainty-driven growth," Journal of Economic Dynamics and Control, Elsevier, vol. 34(5), pages 897-912, May.

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    More about this item

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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