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A One-Sector Model with Learning-by-doing, Investment, Leisure, and Optimal Growth

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  • Matthias Göcke

    ()
    (University of Giessen)

Abstract

A one-sector model of endogenous growth based on the accumulation of real capital by saving/investing and accumulation of human capital via learning-by-doing is presented. Experience is measured by means of production output aggregated over time. Explicitly separating learning and real capital accumulation allows for an independent control of the learning process via working time. Though based on a simple one-sector model, accumulation of both types of capital is endogenously determined and a simultaneous dynamic optimisation of leisure/working time and of consumption/saving is executed. Transitional dynamics are derived and numerical simulations performed.

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File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/36-2010_goecke.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series MAGKS Papers on Economics with number 201036.

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Length: 18 pages
Date of creation: 2010
Date of revision:
Publication status: Forthcoming in
Handle: RePEc:mar:magkse:201036

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