Models of Growth with Capital Contributing to Utility
The paper examines several growth models in which capital enters into the utility function. The inclusion of capital in utility seems especially attractive for human capital. The presence of capital in utility can increase the steady-state growth rate in endogenous growth models and decrease the speed of convergence in exogenous growth models. An extended AK model with human capital in utility results in an empirically plausible initial imbalance effect between human and physical capital.
Volume (Year): 12 (2005)
Issue (Month): 22 ()
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