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

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  • Oulton, Nicholas

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.

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  • Oulton, Nicholas, 1993. "Widening the Human Stomach: The Effect of New Consumer Goods on Economic Growth and Leisure," Oxford Economic Papers, Oxford University Press, vol. 45(3), pages 364-386, July.
    • Handle: RePEc:oup:oxecpp:v:45:y:1993:i:3:p:364-86
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    Cited by:

    1. I. Hakan Yetkiner, 2003. "Is There An Indispensable Role For Government During Recovery From An Earthquake? A Theoretical Elaboration," Working Papers FNU-25, Research unit Sustainability and Global Change, Hamburg University, revised Apr 2003.
    2. Mario Cogoy, 2010. "Consumption, time and the environment," Review of Economics of the Household, Springer, vol. 8(4), pages 459-477, December.

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