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A One-Sector Model with Learning-by-doing, Investment, Leisure, and Optimal Growth

Author

Listed:
  • Matthias Göcke

    () (University of Giessen)

Abstract

A one-sector model of endogenous growth based on the accumulation of real capital by saving/investing and accumulation of human capital via learning-by-doing is presented. Experience is measured by means of production output aggregated over time. Explicitly separating learning and real capital accumulation allows for an independent control of the learning process via working time. Though based on a simple one-sector model, accumulation of both types of capital is endogenously determined and a simultaneous dynamic optimisation of leisure/working time and of consumption/saving is executed. Transitional dynamics are derived and numerical simulations performed.

Suggested Citation

  • Matthias Göcke, 2010. "A One-Sector Model with Learning-by-doing, Investment, Leisure, and Optimal Growth," MAGKS Papers on Economics 201036, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  • Handle: RePEc:mar:magkse:201036
    as

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    File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/36-2010_goecke.pdf
    File Function: First version, 2010
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    More about this item

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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