Final goods substitutability and economic growth

Koki Oikawa

Final goods substitutability and economic growth

Research output: Contribution to journal › Article

Abstract

In this paper, I investigate the effect of substitutability airnong 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).

Original language	English
Journal	Economics Bulletin
Volume	15
Issue number	16
Publication status	Published - 2007 Aug 1
Externally published	Yes

ASJC Scopus subject areas

Economics, Econometrics and Finance(all)

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Oikawa, K. (2007). Final goods substitutability and economic growth. Economics Bulletin, 15(16).

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