Idle worship

This paper shows that where there is habit formation in consumption and labour effort, output levels can be driven above or below those levels a social planner would choose depending on the relative size of these two habit effects. In the steady state of an economy where consumption habit persistenc...

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Veröffentlicht in:	Economics letters 2006, Vol.90 (1), p.77-83
Hauptverfasser:	Choudhary, M. Ali, Levine, Paul
Format:	Artikel
Sprache:	eng
Schlagworte:	Attitude formation Consumption theory Economic growth Empirical tests Europe Habit formation Habits Output inefficiency Output rate U.S.A
Online-Zugang:	Volltext
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