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A Two-Sector Model of Endogenous Growth with Leisure

Author

Listed:
  • Antonio Ladron de Guevara

    (Department of Economics and Business, Universitat Pompeu Fabra)

  • Salvador Ortigueira

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

  • Manuel Santos

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

Abstract

This paper analyzes the equilibrium dynamics of an endogenous growth model with physical and human capital in which leisure considerations have a direct effect on the utility function. Even in the absence of technological externalities our model may contain multiple balanced paths. These multiple steady-state configurations are directly related to the modelization of leisure, and may provide an explanation on certain patterns of behavior found in economic growth and labor markets concerning human capital accumulation and worked hours.

Suggested Citation

  • Antonio Ladron de Guevara & Salvador Ortigueira & Manuel Santos, 1995. "A Two-Sector Model of Endogenous Growth with Leisure," Working Papers 9503, Centro de Investigacion Economica, ITAM.
    • Handle: RePEc:cie:wpaper:9503
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