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Economic Possibilities for the Grandchildern of John Maynard Keynes

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Author Info
Peter Funk
Abstract

This paper explores the impact of insatiable needs on the sustainability and the direction of technological change and economic growth. In a simple framework it is shown that growth can only be sustained if either the opportunity costs of research are small at low levels of research or if some needs are insatiable. The first source of sustained growth (low opportunity cost of research) also enhances an efficient spread of growth over different technologies and commodities, while the second (insatiable needs) typically induces the `wrong kind' of growth. In connexion with Keynes' essay `On the Economic Possibilities of our Grandchildren' [1931], we consider relative needs as the main source of insatiability of needs.

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File URL: ftp://web.bgse.uni-bonn.de/pub/RePEc/bon/bonsfa/bonsfa512.ps
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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 512.

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Length: 30 pages
Date of creation: Jul 1994
Date of revision:
Handle: RePEc:bon:bonsfa:512

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

For technical questions regarding this item, or to correct its listing, contact: (Daniel Park).

Related research
Keywords: Endogenous growth; sources of sustained growth; direction of growth; relative needs.;

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Find related papers by JEL classification:
D60 - Microeconomics - - Welfare Economics - - - General
D62 - Microeconomics - - Welfare Economics - - - Externalities
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General

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  1. Bagwell, Laurie Simon & Bernheim, B Douglas, 1996. "Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, American Economic Association, vol. 86(3), pages 349-73, June. [Downloadable!] (restricted)
  2. Giacomo Corneo & Olivier Jeanne, 1994. "Conspicuous Consumption and the Existence of Upward Sloping Demand Curves," Discussion Paper Serie A 461, University of Bonn, Germany. [Downloadable!]
  3. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  4. Duranton, Gilles, 2001. "Endogenous labor supply, growth and overlapping generations," Journal of Economic Behavior & Organization, Elsevier, vol. 44(3), pages 295-314, March. [Downloadable!] (restricted)
  5. Funk Peter, 1995. "Bertrand and Walras Equilibria in Large Economies," Journal of Economic Theory, Elsevier, vol. 67(2), pages 436-466, December. [Downloadable!] (restricted)
  6. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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