Sector-Specific Logistic Technological Progress in a Two-Sector Optimal Growth Model
| Autor: | MURO, Kazunobu |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Předmět: | |
| Zdroj: | 明治学院大学経済研究 = The papers and proceedings of economics. 154:1-10 |
| ISSN: | 1349-483X |
| Popis: | To verify "Baumol's cost disease" and the Kuznets fact, we construct a two-sector optimal growth model with service and manufacturing sector-specific logistic technological progress as well as a logistic population growth. We show three main results. First, the logistic population growth does not affect the steady state. On the other hand, the logistic sector-specific technology of service and of manufacturing goods industry has an asymmetric effect on the steady state. Second, the carry capacity of the service sector-specific technology has a negative effect on the relative price of service at the steady state while it does not affect the capital per capita at the steady state. On the other hand, the carry capacity of the manufacturing sector-specific technology has a positive effect on the relative price of service and capital stock per capita at the steady state. Finally, the dynamical system has saddle point stability. Article 【論文／Articles】 |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|