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A dynamic analysis of an endogenous growth model with leisure

Author

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  • Salvador Ortigueira

    () (Department of Economics, Cornell University, 482 Uris Hall, Ithaca, NY 14853-7601, USA)

Abstract

The main goal in this paper is to analyze an economic model of endogenous growth where human capital accumulation acts as the engine propelling economic activity. The added ingredient in our model is that agents derive utility from consumption and leisure, where leisure is defined as the amount of time devoted to those activities augmented by the level of education. Under regular conditions we show that there is a unique globally stable balanced growth path. We also provide a characterization of the behavior of our economic variables along the transition.

Suggested Citation

  • Salvador Ortigueira, 2000. "A dynamic analysis of an endogenous growth model with leisure," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(1), pages 43-62.
  • Handle: RePEc:spr:joecth:v:16:y:2000:i:1:p:43-62 Note: Received: May 26, 1998; revised version: September 9, 1999
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    References listed on IDEAS

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    7. Geanakoplos, John, 1994. "Common knowledge," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 40, pages 1437-1496 Elsevier.
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    More about this item

    Keywords

    Qualified leisure; Endogenous growth; Equilibrium dynamics.;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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