Widening the Human Stomach: The Effect of New Consumer Goods on Economic Growth and Leisure

Nicholas Oulton

Oxford Economic Papers, 1993, vol. 45, issue 3, 364-86

Abstract: The effects of introducing new consumer goods into the economy are explored in the Solow-Cass model of exogenous growth and the Lucas human capital model of endogenous growth, both augmented by a labor-leisure choice for consumers. In the exogenous model, in steady-state, faster introduction of new consumer goods brings more work and a higher saving rate. These effects are reversed in the endogenous model. In both models, higher productivity growth leads to more work and savings. In the Solow-Cass model out of steady-state, short-run effects may be the opposite of long-run. Copyright 1993 by Royal Economic Society.

Date: 1993
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