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Homework in Development Economics: Household Production and the Wealth of Nations

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Author Info
Stephen L. Parente
Richard Rogerson
Randall Wright

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Abstract

We introduce home production into the neoclassical growth model and examine its consequences for development economics. In particular, we study the extent to which one can account for international income differences with differences in policies that distort capital accumulation. In models with home production, such policies not only reduce capital accumulation but also change the mix of market and nonmarket activity. Hence these models can generate larger differences in output than standard models for a given policy differential. We also show how the welfare implications change when we incorporate home production.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 108 (2000)
Issue (Month): 4 (August)
Pages: 680-687
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Handle: RePEc:ucp:jpolec:v:108:y:2000:i:4:p:680-687

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This page was last updated on 2009-10-19.

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