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"Love of Wealth" and economic growth
Rehme, Günther - 2011
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 long-run per capita capital, income and consumption relative to the …
Persistent link: https://www.econbiz.de/10010323732
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Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model
Irmen, Andreas; Klump, Rainer - 2007
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10011422161
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Factor substitution, income distribution, and growth in a generalized neoclassical model
Irmen, Andreas; Klump, Rainer - 2007
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10010264251
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Something out of nothing? : Neoclassical growth and the "Trivial" steady State
Hakenes, Hendrik; Irmen, Andreas - 2006
A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions, encompassing the neoclassical production function,...
Persistent link: https://www.econbiz.de/10010265652
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Steady-state growth and the elasticity of substitution
Irmen, Andreas - 2010
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/10010266084
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Welfare Analysis in a Schumpeterian Growth Model with Capital
Hagedorn, Marcus; Kaul, Ashok; Reinthaler, Volker - 2001
In this note we compare the laissez-faire steady-state solution in the Howitt and Aghion (1998) model to the social optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find various new distortions between private and optimal...
Persistent link: https://www.econbiz.de/10010262488
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Capital accumulation in a model of growth and creative destruction
Wälde, Klaus - 2001
-run fluctuations. The model remains analytically tractable due to a very convenient property of the household's investment decision in …
Persistent link: https://www.econbiz.de/10010305413
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Openness and economic growth in developing countries
Gundlach, Erich - In: Weltwirtschaftliches Archiv 133 (1997) 3, pp. 479-496
Openness appears to have a strong impact on economic growth especially in DCs, which typically exhibit a high share of physical capital in factor income and a low share of labor. In the neoclassical growth model with partial capital mobility, physical capital?s share in factor income determines...
Persistent link: https://www.econbiz.de/10010314079
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The environmental and macroeconomic effects of socially responsible investment
Dam, Lammertjan; Heijdra, Ben J. - 2008
We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy … socially responsible investment behaviour by households partially offsets the positive effects on environmental quality of …
Persistent link: https://www.econbiz.de/10010264399
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Intel Economics
Segerstrom, Paul S. - 1999
the welfare implications of these R&D investment choices. Regardless of initial conditions, the equilibrium path in this …
Persistent link: https://www.econbiz.de/10010334654