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Corruption, Inequality and Income Taxation Read chapter Read first chapter

2015 | OriginalPaper | Chapter

Dynamic Political Effects in a Neoclassic Growth Model with Healthcare and Creative Activities

Authors : L. Guimarães, O. Afonso, P. B. Vasconcelos

Published in: Dynamics, Games and Science

Publisher: Springer International Publishing

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Abstract

This paper extends the Ramsey-Cass-Koopmans (RCK) model by considering both a non constant number of hours worked by each individual through time and leisure, which includes healthcare and creative activities. With this extension, the seminal RCK model can be used to analyse the economic growth effects arising from governmental policies. In this context, governmental expenditures financed by lump-sum taxes and inefficient expenditures lead to a decrease in the short, medium and long-run economic growth.

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Footnotes
1
In order to isolate the effect of healthcare and creative activities on agents decisions, endogenous human-capital accumulation is not considered.
 
2
Thus, the focus is on the particular channel related to the postponement of the entrance in the labour market. This channel also accommodates the possibility of agents to switch from working to healthcare and creative activities, and vice versa.
 
3
That is, consumption per unit of effective household, capital per unit of effective household, wages per unit of effective labour, interest rate, fraction of leisure time and path of the total capital and total output growth rates (which, since the number of households is fixed, are equivalent to the growth rates of output and capital per capita).
 
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Fogel, R.: The Fourth Great Awakening and the Future of Egalitarianism. University of Chicago Press, Chicago/London (2000)
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Irmen, A., Kuehnel, J.: Productive government expenditure and economic growth. J. Econ. Surv. 23, 692–733 (2009)CrossRef
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Lucas, R.: On the mechanics of economic development. J. Monet. Econ. 22, 3–42 (1988)CrossRef
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Ramey, V., Francis, N.: A century of work and leisure. Am. Econ. J. Macroecon. 1(2), 189–224 (2009)CrossRef
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Romer, D.: Advanced Macroeconomics, 3rd edn. McGraw-Hill, New York (2006)
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Metadata
Title
Dynamic Political Effects in a Neoclassic Growth Model with Healthcare and Creative Activities
Authors
L. Guimarães
O. Afonso
P. B. Vasconcelos
Copyright Year
2015
Book
Dynamics, Games and Science

Print ISBN: 978-3-319-16117-4

Electronic ISBN: 978-3-319-16118-1

Copyright Year: 2015

DOI
https://doi.org/10.1007/978-3-319-16118-1_17

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