Population Growth and Technological Change: a Pure Welfarist Approach
Thomas Renström () and
Luca Spataro ()
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Thomas Renström: Durham University, Durham University Business School
No 2013_03, CEGAP Working Papers from Durham University Business School
In this paper we characterize the optimal steady state and dynamics of an intertemporal economy in presence of endogenous fertility. For doing this we propose a new version of Critical Level Utilitarianism (CLU) a là Blackorby et al (1995), that we call Relative CLU, which is shown to be axiomatically founded and allows for time-varying critical level. In particular, we show that under such social preferences both the short and the long run effects of technological shocks on the optimal population growth are non-trivial, depending on the characteristics of both preferences and production technology. However, we show that the negative relationship between fertility and technological development emerges under a broad class of preferences, which is typically found in empirical research.
Keywords: critical level utilitarianism; population; technology shocks; transitional dynamics. (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:dur:cegapw:2013_03
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