Japanese at work
Nishimoto I. (2006) "Jikan Isiki no Kindai (The modern view of time
consciousness)," Tokyo: Hosei University Press (in Japanese).
"Economic
Development with Education
and Industriousness "
Abstract
This study theoretically investigates the relationship among long-run
growth, education, and "industriousness" captured by weight parameter
on leisure, using the Ladr'on-de-Guevara et al. (1999) model, the
Uzawa-Lucas model with labor and leisure choice.
This approach can imply that economic development is caused by a
structural change in the propensity of labor-leisure choice, and can
enable an analysis of the properties of economic dynamics after
economic development begins. We obtain multiple steady states when the
efficiency of education and the weight of utility from consumption
compared to that of leisure are adequately high: one corresponding to a
high interest rate with saddle stability, and the other corresponding
to low interest rates with local indeterminacy under specific
conditions.
Keywords:
Industriousness; Economic Development; Uzawa-Lucas model;
Labor-leisure Choice.