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Biased Technological Change, Impatience and Welfare

  • Laura Liliana Moreno Herrera
  • Jorge Eduardo Pérez Pérez

In this paper we use an OLG model where agents are heterogeneous within each generation, differing in their impatience rate. We show that the effects of a capital-using technological change are not symmetric between agents and can cause a reduction in consumption. The asymmetry in impatience rates has consequences on the benefits derived from technological change for further generations. Lower impatience rates lead to higher capital levels, and to higher levels of consumption provided that the economy has enough capital per capita.

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File URL: http://degit.sam.sdu.dk/papers/degit_14/c014_046.pdf
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Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c014_046.

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Length: 17 pages
Date of creation: Jun 2009
Date of revision:
Handle: RePEc:deg:conpap:c014_046
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  1. Giuseppe Bertola, 1991. "Factor Shares and Savings in Endogenous Growth," NBER Working Papers 3851, National Bureau of Economic Research, Inc.
  2. Daron Acemoglu, 2001. "Directed Technical Change," NBER Working Papers 8287, National Bureau of Economic Research, Inc.
  3. Francesco Caselli & James Feyrer, 2005. "The Marginal Product of Capital," NBER Working Papers 11551, National Bureau of Economic Research, Inc.
  4. Hernando Zuleta & Santiago Alberico, 2007. "Labor Supply,Biased Technological Changeand Economic Growth," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  5. Kennedy, Charles, 1973. "A Generalisation of the Theory of Induced Bias in Technical Progress," Economic Journal, Royal Economic Society, vol. 83(329), pages 48-57, March.
  6. Hernando Zuleta, 2006. "Factor saving innovations and factor income shares," DOCUMENTOS DE TRABAJO 002706, UNIVERSIDAD DEL ROSARIO.
  7. John J. Seater & Pietro Peretto, 2007. "Factor-Eliminating Technical Change," 2007 Meeting Papers 272, Society for Economic Dynamics.
  8. Zeira, Joseph, 1995. "Workers, Machines and Economic Growth," CEPR Discussion Papers 1139, C.E.P.R. Discussion Papers.
  9. Hernando Zuleta, 2008. "An empirical note on factor shares," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 17(3), pages 379-390.
  10. Bertola, Giuseppe, 1996. "Factor shares in OLG models of growth," European Economic Review, Elsevier, vol. 40(8), pages 1541-1560, November.
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