Neoclassical Miracles
نویسندگان
چکیده
We study the dynamic behavior of a Neoclassical growth model with finite lifetimes and imperfect altruism in which individuals can accumulate both physical and human capital. We use the model to better understand and explain the behavior of economic miracles. Our results suggest that standard Neoclassical forces can account for the performance of the miracle economies and can explain the protracted transition that is inconsistent with the predictions of a Neoclassical set-up with only physical capital. The model is also consistent with the dramatic rise in investments in physical and human capital that these miracle economies experienced. We thank NSF for financial support. Seshadri thanks the Alfred P Sloan Foundation for financial support.
منابع مشابه
Neoclassical Miracles - GMPI events - FRB Dallas
We study the dynamic behavior of a Neoclassical growth model with finite lifetimes and imperfect altruism in which individuals can accumulate both physical and human capital. We use the model to better understand and explain the behavior of economic miracles. Our results suggest that standard Neoclassical forces can account for the performance of the miracle economies and can explain the protra...
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