Optimal Patterns of Consumption and Development Expenditures in the Presence of Productivity Thresholds  

Oleh:

Horowitz, Andrew W.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 34 no. 1 (1993), page 193-202.
Topik: consumption; optimal patterns; consumption; development expenditures; presence; productivity threshold

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Standard growth and development models imply that steadily rising consumption will accompany development. When some inputs require a minimum stock before becoming productive, however, these appealing results may no longer hold. This paper characterizes optimal consumption and investment streams in a model with a traditional and modern technology and a lumpy modern factor. Rather than smooth, momentum building growth, the optimal program displays dramatic nonmonotonicities. In particular, the model predicts distinct modern and traditional investment regimes and an interval of falling aggregate consumption during the final transition from a traditional to a modern economy.

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