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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/10010262488
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This book investigates the relation between investment, R&D, and long-run growth. Its first part surveys the literature … economic growth as being driven by the complementary processes of physical capital investment and R&D activity, rather than by … of this study acquires a fundamental understanding of the relation between investment, R&D, and long-run growth. Thus …
Persistent link: https://www.econbiz.de/10013520335
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
Uzawaś steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The...
Persistent link: https://www.econbiz.de/10010210700
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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