ダウンロード数: 102
タイトル: | The Role of Expectations in a Specialization-driven Growth Model with Endogenous Technology Choice |
著者: | Kuwahara, Shiro Shibata, Akihisa |
キーワード: | Labor specialization endogenous choice of technology endogenous growth development traps |
発行日: | Nov-2006 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 625 |
抄録: | Extending the Kim (1989) model of endogenous labor specialization to an overlapping generations model with an endogenous technology choice, we show in this paper that, when the market size and the fixed costs associated with the technologies with labor specialization are small, the growth pattern of this economy depends on worker expectations. In other words, if workers expect low returns of specific human capital, they will not invest in such capital, and the economy will be eventually locked in an underdevelopment trap. On the other hand, if they expect high returns of specific human capital, they invest in such capital, and, as a result, the economy can exhibit long-run growth. |
URI: | http://hdl.handle.net/2433/129539 |
関連リンク: | http://ideas.repec.org/p/kyo/wpaper/625.html |
出現コレクション: | KIER Discussion Paper (英文版) |
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