TY  - GEN
AB  - 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.
AD  - University of Chicago
AD  - Princeton University
AU  - Lucas, Robert E., Jr.
AU  - Moll, Benjamin
DA  - 2014-02
ID  - 6010
JF  - Journal of Political Economy
L1  - https://knowledge.uchicago.edu/record/6010/files/Knowledge-Growth-and-the-Allocation-of-Time.pdf
L2  - https://knowledge.uchicago.edu/record/6010/files/Knowledge-Growth-and-the-Allocation-of-Time.pdf
L4  - https://knowledge.uchicago.edu/record/6010/files/Knowledge-Growth-and-the-Allocation-of-Time.pdf
LA  - eng
LK  - https://knowledge.uchicago.edu/record/6010/files/Knowledge-Growth-and-the-Allocation-of-Time.pdf
N2  - 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.
PY  - 2014-02
T1  - Knowledge Growth and the Allocation of Time
TI  - Knowledge Growth and the Allocation of Time
UR  - https://knowledge.uchicago.edu/record/6010/files/Knowledge-Growth-and-the-Allocation-of-Time.pdf
Y1  - 2014-02
ER  -