Showing 1 - 10 of 822,418
optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find …
Persistent link: https://www.econbiz.de/10011401108
optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find …
Persistent link: https://www.econbiz.de/10013321001
optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find …
Persistent link: https://www.econbiz.de/10010262488
In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10003931235
In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10003938203
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
Persistent link: https://www.econbiz.de/10011401020
both the capital-labor elasticity of substitution and the declining price of investment relative to consumption, In a three …-factor model calibrated to US data, medium-run fluctuations in the investment price explain labor share movements from 1960 …
Persistent link: https://www.econbiz.de/10014451890
This paper explores the stability of the stationary state for a dynamic growth model with wealth and human capital accumulation. Knowledge is created through research and learning-by-doing, while the time allocation between labor and leisure is endogenized. We analyze the model in both its...
Persistent link: https://www.econbiz.de/10014041760
This paper complements research on how love of wealth bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive love of wealth. If the planner has the "right" love of wealth an optimum exists and implies higher...
Persistent link: https://www.econbiz.de/10009406319
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of...
Persistent link: https://www.econbiz.de/10012880053