Endogenous technological change with leisure-dependent utility
This paper investigates the effect of introducing leisure-dependent utility into two models of endogenous technological change. Due to the flexibility in the labour supply the dynamics of the models change significantly. It is shown that if agents attach enough value to leisure in comparison to consumption two balanced growth paths may exist. This implies that economies with the same preferences and the same technology may experience different long-run growth rates.
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Volume (Year): 14 (1999)
Issue (Month): 3 ()
|Note:||Received: October 17, 1997; revised version: January 6, 1999|
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