Knowledge Growth and the Allocation of Time

• 成果类型: Article
• 署名作者: Lucas, Robert E., Jr.; Moll, Benjamin
• 署名单位: University of Chicago; Princeton University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/674363
• 发表日期: 2014
• 页码: 1-51
• 关键词: life-cycle; TECHNOLOGY; diffusion; earnings; WEALTH; POLICY; income; MODEL

摘要

We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have and interacting with others in search of new, productivity-increasing ideas. These choices jointly determine the economy''s current production level and its rate of learning and real growth. We construct the balanced growth path for this economy. We also study the allocation chosen by an idealized planner who takes into account and internalizes the external benefits of search. Finally, we provide three examples of alternative learning technologies and show that the properties of equilibrium allocations are quite sensitive to two of these variations.