Economic Progress and Skill Obsolescene

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Show simple item record Kennedy, Peter en King, Ian en 2006-11-30T20:53:28Z en 2006-11-30T20:53:28Z en 2000 en
dc.identifier.citation Department of Economics Working Paper Series 204 en
dc.identifier.uri en
dc.description.abstract We construct an OLG model of skill vintages with complementarities to examine skill obsolescence when individuals can choose vintages. We find that the problem of excessive progress can exist only in the absence of coordination and transfers among those currently alive. However, too little progress can occur in equilibrium, even in the presence of coordination and transfers. Moreover, allowing coordination or transfers may reduce aggregate surplus. Equilibria with too little progress can take the form of either cycles or stagnation. The introduction of outside debt can eliminate the cyclical equilibrium, leading to a Paretoimproving increase in the rate of progress. en
dc.format.extent application/pdf en
dc.format.mimetype text en
dc.language.iso en en
dc.publisher ResearchSpace@Auckland en
dc.relation.ispartofseries Department of Economics Working Paper Series (1997-2006) en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. en
dc.rights.uri en
dc.subject.other Skill vintages en
dc.subject.other Economics en
dc.title Economic Progress and Skill Obsolescene en
dc.type Working Paper en
dc.rights.holder Copyright: the author en
dc.rights.accessrights en Economics en

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