Final Goods Substitutability and Economic Growth

Koki Oikawa

Economics Bulletin, 2007, vol. 15, issue 16, 1-7

Abstract: In this paper, I investigate the effect of substitutability among final goods on welfare growth under the environment that productivity growth in each industry is not independent of one another. In such an environment, less substitutability is favorable to the welfare growth rate and the steady state welfare level, contrasting to Baumol (1967) and Lucas (1988).

JEL-codes: O3 O4 (search for similar items in EconPapers)
Date: 2007-08-01
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