Endogenous technological change with leisure-dependent utility
AbstractThis paper investigates the effect of introducing leisure-dependent utility into two models of endogenous technological change. Due to the flexibility in the labour supply the dynamics of the models change significantly. It is shown that if agents attach enough value to leisure in comparison to consumption two balanced growth paths may exist. This implies that economies with the same preferences and the same technology may experience different long-run growth rates.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 14 (1999)
Issue (Month): 3 ()
Note: Received: October 17, 1997; revised version: January 6, 1999
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Find related papers by JEL classification:
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
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- de Hek, Paul A., 2006.
"On taxation in a two-sector endogenous growth model with endogenous labor supply,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 30(4), pages 655-685, April.
- Paul A. de Hek, 2005. "On Taxation in a Two-Sector Endogenous Growth Model with Endogenous Labor Supply," DEGIT Conference Papers c010_010, DEGIT, Dynamics, Economic Growth, and International Trade.
- Paul A. de Hek, 2003. "On Taxation in a Two-Sector Endogenous Growth Model with Endogenous Labor Supply," Tinbergen Institute Discussion Papers 03-029/2, Tinbergen Institute.
- Ghiglino, Christian & Sorger, Gerhard, 2002. "Poverty Traps, Indeterminacy, and the Wealth Distribution," Journal of Economic Theory, Elsevier, vol. 105(1), pages 120-139, July.
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