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Endogenous technological change with leisure-dependent utility

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  • Paul A. de Hek

    ()
    (Erasmus University Rotterdam, P.O.Box 1738, NL-3000 DR Rotterdam, THE NETHERLANDS)

Abstract

This 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 Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 14 (1999)
Issue (Month): 3 ()
Pages: 669-684

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Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:669-684

Note: Received: October 17, 1997; revised version: January 6, 1999
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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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Related research

Keywords: Endogenous technological change; Leisure-dependent utility; Multiple equilibria.;

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Cited by:
  1. 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.
  2. 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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