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Knowledge Growth and the Allocation of Time

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  • Benjamin Moll

    (Princeton University)

  • Robert E. Lucas

    (Jr.; University of Chicago)

Abstract

Individuals' time allocation decisions depend on the distribution because the productivity levels of others determine their own chances of improving their productivities through search. The time allocations of everyone in the economy in turn determine the evolution of its productivity distribution. We construct the balanced growth path for this economy, thereby obtaining a theory of endogenous growth that captures in a tractable way the social nature of knowledge creation. We report numerical experiments that describe how the level and rate of growth of productivity along the balanced growth path vary with changes in taxes and other parameters.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 1030.

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Date of creation: 2011
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Handle: RePEc:red:sed011:1030

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  1. Jovanovic, B. & Nyarko, Y., 1996. "Learning by Doing and the Choice of Technology," Working Papers 96-25, C.V. Starr Center for Applied Economics, New York University.
  2. Bental, Benjamin & Peled, Dan, 1996. "The Accumulation of Wealth and the Cyclical Generation of New Technologies: A Search Theoretic Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(3), pages 687-718, August.
  3. de la Grandville,Olivier, 2009. "Economic Growth," Cambridge Books, Cambridge University Press, number 9780521898010, November.
  4. Fernando E. Alvarez & Francisco J. Buera & Robert E. Lucas, Jr., 2008. "Models of Idea Flows," NBER Working Papers 14135, National Bureau of Economic Research, Inc.
  5. Xavier Gabaix, 2009. "Power Laws in Economics and Finance," Annual Review of Economics, Annual Reviews, vol. 1(1), pages 255-294, 05.
  6. Luttmer, Erzo G.J., 2012. "Technology diffusion and growth," Journal of Economic Theory, Elsevier, vol. 147(2), pages 602-622.
  7. Jess Benhabib & Alberto Bisin, 2009. "The distribution of wealth and fiscal policy in economies with finitely lived agents," NBER Working Papers 14730, National Bureau of Economic Research, Inc.
  8. Jesse Perla & Christopher Tonetti, 2012. "Equilibrium Imitation and Growth," Working Papers 12-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  9. de la Grandville,Olivier, 2009. "Economic Growth," Cambridge Books, Cambridge University Press, number 9780521725200, November.
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Cited by:
  1. Laura Veldkamp & Alessandra Fogli, 2012. "Germs, Social Networks, and Growth," 2012 Meeting Papers 1074, Society for Economic Dynamics.
  2. Antonio R. Andrés & Simplice A. Asongu & Voxi Amavilah, 2013. "The Impact of Formal Institutions on Knowledge Economy," Development Research Working Paper Series 05/2013, Institute for Advanced Development Studies.
  3. Ufuk Akcigit & Murat Alp Celik & Jeremy Greenwood, 2013. "Buy, Keep or Sell: Economic Growth and the Market for Ideas," PIER Working Paper Archive 13-069, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  4. König, Michael & Lorenz, Jan & Zilibotti, Fabrizio, 2012. "Innovation vs imitation and the evolution of productivity distributions," CEPR Discussion Papers 8843, C.E.P.R. Discussion Papers.
  5. Milton Marquis, 2013. "Bringing Culture to Macroeconomics," Atlantic Economic Journal, International Atlantic Economic Society, vol. 41(3), pages 301-315, September.
  6. Jonathan Chiu & Cesaire Meh & Randall Wright, 2011. "Innovation and growth with financial, and other, frictions," Working Papers 688, Federal Reserve Bank of Minneapolis.
  7. Aim\'e Lachapelle & Jean-Michel Lasry & Charles-Albert Lehalle & Pierre-Louis Lions, 2013. "Efficiency of the Price Formation Process in Presence of High Frequency Participants: a Mean Field Game analysis," Papers 1305.6323, arXiv.org, revised Mar 2014.
  8. Jesse Perla & Christopher Tonetti, 2012. "Equilibrium Imitation and Growth," Working Papers 12-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  9. Davin Chor & Edwin L.-C. Lai, 2013. "Cumulative Innovation, Growth and Welfare-Improving Patent Policy," CESifo Working Paper Series 4407, CESifo Group Munich.
  10. Erzo G.J. Luttmer, 2012. "Eventually, noise and imitation implies balanced growth," Working Papers 699, Federal Reserve Bank of Minneapolis.
  11. Litina, Anastasia, 2013. "Unfavorable Land Endowment, Cooperation, and Reversal of Fortune," CAGE Online Working Paper Series 114, Competitive Advantage in the Global Economy (CAGE).
  12. Lafond, Francois, 2013. "Self-organization of knowledge economies," MERIT Working Papers 040, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  13. repec:dgr:unumer:2013040 is not listed on IDEAS

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