supply of labor encourages technological progress. In contrast, the famous Habakkuk hypothesis in economic history claims …This paper studies the conditions under which the scarcity of a factor (in particular, labor) encourages technological … that technological progress was more rapid in 19th-century United States than in Britain because of labor scarcity in the …

We study the dynamic taxation of capital and labor in the Ramsey model under the assumption that taxes and public good …

pattern to irrationality, particularly overconfidence. In contrast, we find that household financial choices generated from a …

-convex portfolio adjustment costs. The goal is to understand a household's response to income and return shocks. The model includes the … multiple assets, a household can buffer some income fluctuations through the asset without adjustment costs and engage in …