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Koki Oikawa
''Final Goods Substitutability and Economic Growth''
( 2007, Vol. 15 No.16 )
In this paper, I investigate the effect of substitutability among final goods on welfare growth under the environment that productivity growth in each industry is not independent of one another. In such an environment, less substitutability is favorable to the welfare growth rate and the steady state welfare level, contrasting to Baumol (1967) and Lucas (1988).
JEL: O4 - Economic Growth and Aggregate Productivity: General
O3 - Technological Change; Research and Development: General
Manuscript Received : Jun 14 2007 Manuscript Accepted : Aug 01 2007

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