Habit Formation, Work Ethics, and Technological Progress
AbstractWork ethics affects labor supply. This idea is modeled assuming that work is habit forming. This paper introduces working habits in a neoclassical growth model and compares its outcomes with a model without habit formation. In addition, it analyzes the impact of different forms of technical progress. The findings are that i) labor supply in the habit formation case is higher than in the neoclassical case; ii) unlike in the neoclassical case, labor supply in the presence of habit formation will depend on the kind of technical progress experienced by the economy and iii) the kind of technical progress will hence affect the steady state levels of consumption, capital stock and output.
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Bibliographic InfoPaper provided by Department of Economics, University of Kent in its series Studies in Economics with number 0210.
Date of creation: Sep 2002
Date of revision:
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Postal: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP
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Other versions of this item:
- Joao Ricardo Faria & Miguel A. Leon-Ledesma, 2004. "Habit formation, work ethics and technological progress," Manchester School, University of Manchester, vol. 72(3), pages 403-413, 06.
- D99 - Microeconomics - - Intertemporal Choice - - - Other
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
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