Showing 41 - 50 of 102
Western European income per capita more than tripled in the two and a half decades that followed World War II. The scholarship has identified several potential factors behind this outstanding growth episode, specifically; the large migrations from agriculture to manufacture that took place in...
Persistent link: https://www.econbiz.de/10005808019
Our objective is to investigate how alternative assumptions about preferences affect the process of economic growth. To do this, we analyze a neoclassical growth model under three alternative preference specifications: (i) time separable, (ii) catching up with the Joneses, and (iii) habit...
Persistent link: https://www.econbiz.de/10005716621
The process of economic development is characterized by substantial rural-urban migrations and a decreasing share of agriculture in output and employment. The literature highlights two main engines behind this process of structural change: (i) improvements in agricultural technology combined...
Persistent link: https://www.econbiz.de/10005030884
This paper exploits a natural experiment, the large destruction of capital in continental Europe during World War II, to characterize the transitional dynamics of an economy that begins with a capital stock below its steady state level. We use these regularities as a benchmark to discriminate...
Persistent link: https://www.econbiz.de/10005698049
Persistent link: https://www.econbiz.de/10005276362
We propose an overlapping generations economy where households care about relative consumption, the difference between their consumption and the consumption of their reference group. An individual's consumption is driven by the comparison of his lifetime income and the lifetime income of his...
Persistent link: https://www.econbiz.de/10005181605
Despite its theoretical dominance, the empirical case in favor of the permanent income hypothesis is weak. Contrary to one of its basic implications, a growing body of evidence suggests that rich households save a higher proportion of their permanent income than poor households. We propose an...
Persistent link: https://www.econbiz.de/10009274920
Persistent link: https://www.econbiz.de/10010567455
There is a growing interest in multi-sector models that combine aggregate balanced growth, consistent with the well-known Kaldor facts, with systematic changes in the relative importance of each sector, consistent with the Kuznets facts. Although variations in the income elasticity of demand...
Persistent link: https://www.econbiz.de/10009358644
Ranking development programs using integrals of discounted utilities can yield drastic consequences that offend our sense of justice. New alternative social welfare criteria should be considered. A reaction to discounted utilitarianism is to moderate its effects by adding to the social welfare...
Persistent link: https://www.econbiz.de/10008617016