A Two-Sector Model of Endogenous Growth with Leisure
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.
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|Date of creation:||Aug 1995|
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"Human Capital, Fertility, and Economic Growth,"
Journal of Political Economy,
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