Work ethics affects labor supply. This idea is modeled assuming that work is habit forming. This paper introduces working habits in a neoclassical growth model and compares its outcomes with a model without habit formation. In addition, it analyzes the impact of different forms of technical progress. The findings are that i) labor supply in the habit formation case is higher than in the neoclassical case; ii) unlike in the neoclassical case, labor supply in the presence of habit formation will depend on the kind of technical progress experienced by the economy and iii) the kind of technical progress will hence affect the steady state levels of consumption, capital stock and output.
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Paper provided by Department of Economics, University of Kent in its series Studies in Economics with number
0210.
Length: Date of creation: Sep 2002 Date of revision: Handle: RePEc:ukc:ukcedp:0210
Contact details of provider: Postal: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP Phone: +44 (0)1227 764000 Fax: +44 (0)1227 827850 Web page: http://www.ukc.ac.uk/economics/
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Find related papers by JEL classification: D99 - Microeconomics - - Intertemporal Choice and Growth - - - Other J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes Z13 - Other Special Topics - - Cultural Economics - - - Social Norms and Social Capital; Social Networks Economic Anthropology
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