Endogenous growth with heterogeneous goods: An unbalanced growth model in the different sectors of the economy.
DOI:
https://doi.org/10.29201/peipn.v7i13.308Keywords:
economic growth, agents' decision, heterogeneous goodsAbstract
This paper develops a model of endogenous growth in an economy with finitely lived consumers who have access to a basket of heterogeneous goods. The per capita growth rates in all sectors are characterized endogenously through the technology used by firms, the subjcctive discount rate, the rate of replacement of capital, the rate of population growth, the number of live agents per unit of time, the average basket of consumption and the per capita endowment of capital stock. A distinctive feature of the proposed model is that it produces unbalanced growth in different sectors that make up the economy.
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