Download Consumption Structure and Macroeconomics: Structural Change by Reto Foellmi PDF

By Reto Foellmi

This ebook deals a unique point of view that enables to include altering intake and creation constitution into types of monetary progress. ranging from the empirical remark that source of revenue and intake constitution are heavily comparable, it develops a tractable theoretical framework which permits to research macroeconomic types in line with those empirical proof. hence, relevant macroeconomic phenomena are higher understood: the explanations in the back of long-run development, structural switch, and the effect of inequality on options and development.

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We study a situation where growth is endogenous and driven by industrial R&D. There are interindus^A noteable exception is Pasinetti (1981) who presents a systematic analysis of economic growth and structural change in the post-Keynesian tradition. ^In a recent contribution Matsuyama (2002), has studied a model of income distribution and mass consumption in which industries take off, one after the other, generating patterns of demand consistent with the generalized version of Engel's law. 1 Introduction 33 try spillovers of knowledge, so innovative activities in one sector add to the economy-wide stock of knowledge and increase productivity in all other sectors.

28 2. Hierarchic Preferences however, does not arise if we consider the case of fiat hierarchy (7 < 1), as we will do below. If we consider preferences v{-) which are unbounded if c(j) ^ 00 (as for example the logarithmic Stone-Geary-preferences where v{c{j)) = ln(c(ji) + q) and q > 0) the normalization of the first integral can no longer be applied, of course. Hence, we must restrict the hierarchy parameter 7 to values below unity, if we use a model where limc-^00 '^(c) diverges. This is simply due to the mathematical fact that the integral J^ j~^dj diverges for 7 > 1.

Flam and Helpman (1987), Stockey (1991) and Matsuyama (2000) study international trade in the context of non-homothetic preferences. ^The chapter follows Foellmi and Zweimueller (2001) and Foellmi and Zweimueller (2002a). 36 3. 1 Preferences and Demand Consider a representative agent economy with infinitely many potentially producible goods ranked by an index j . We study the structure of consumption that is generated by preferences of the form /•CO '•{{c{j)})= / Jo a3)v{c{j))dj To keep the analysis tractable we make two assumptions concerning the functional forms of the weighting function ^{j) and the baseline utility v{c{j)).

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