Showing 1 - 10 of 206
I derive an explicit solution for the saddle path in a Ramsey growth model. The existence of a closed form expression greatly simplifies the analysis of how the parameters of the utility function affects investments and growth.
Persistent link: https://www.econbiz.de/10005408252
This paper develops a theory of endogenous growth cycles focusing on the interaction between consumers' desire to satisfy an indefinite range of wants and firms' incentive to utilize knowledge from past production experiences. We show that firms endogenously form a number of distinguishable...
Persistent link: https://www.econbiz.de/10005407691
We may distinguish between two concepts of technology: a theoretical level of technology (that is, a technology possibilities frontier) and a level of technology in practice (that is, ready to use in production technology). Having these two concepts in mind, the paper develops an intertemporal...
Persistent link: https://www.econbiz.de/10005408275
W. Arthur Lewis’s distinction between factors and forces of production, and Paul Romer’s insightful identification of the poverty of objects and the lack of ideas, as central to economic growth rate differences across economies, have enriched economic growth theory. However, both object-...
Persistent link: https://www.econbiz.de/10005556726
A growing literature argues that the Information Technology rev- olution caused the stock market crash of 1973-1974, its subsequent stagnation and eventual recovery. This paper employs general equi- librium theory to test whether this good news hypothesis is consistent with the behavior of US...
Persistent link: https://www.econbiz.de/10005561227
Economic phenomena are interrelated. From a growth perspective, time analysis concerning the choices of present and future consumption and the choices between the allocation of scientific resources should be combined with a space analysis regarding the dissemination of economic activity through...
Persistent link: https://www.econbiz.de/10005124884
This article has a twofold objective and addresses two central questions. Is there a gap between the preferences for and availability of various ways to make working patterns more flexible over the life course? What is the role of life course policy (LCP) in narrowing this gap? Using the...
Persistent link: https://www.econbiz.de/10005556954
Five waves of the Panel Study of Income Dynamics (PSID), 1985-1989 including both wealth supplements, are used to construct an intertemporal budget constraint for selected single headed households. A new functional form of the dual consumer profit function rationalizing consumption, labor supply...
Persistent link: https://www.econbiz.de/10005561778
This paper explores the consequences of rising returns to human capital investment on the personal savings rate. Over the past two decades, the return to college education has increased relative to high school education leading economists to argue the presence of 'skill biased technological...
Persistent link: https://www.econbiz.de/10005076792
This paper explores the consequences of skill biased technological progress on the savings rates. The literature, both theoretical and empirical, on the causes and consequences of skill biased technological progress in the past few years has burgeoned considerably. So has the literature on...
Persistent link: https://www.econbiz.de/10005412682