Final goods substitutability and economic growth

Koki Oikawa*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


In this paper, I investigate the effect of substitutability airnong final goods on welfare growth under the environment that productivity growth in each industry is not independent of one another. In such an environment, less substitutability is favorable to the welfare growth rate and the steady state welfare level, contrasting to Baumol (1967) and Lucas (1988).

Original languageEnglish
JournalEconomics Bulletin
Issue number16
Publication statusPublished - 2007 Aug 1
Externally publishedYes

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)


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