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| Author: | Asilis, C. M. Ghosh, A. R. |
| Title: | The savings trap and economic take-off |
| Journal: | Oxford Economic Papers
2002 : JAN, VOL. 54:1, p. 20-43 |
| Index terms: | Economic aggregates Savings Investments |
| Language: | eng |
| Abstract: | The authors develop a model of economic development in which culture and technology interact to determine savings, investment, and growth. Investment is assumed to involve intermediation or other costs that may, in any period, result in either of two equilibria for the savings rate. At the good equilibrium, aggregate savings, the savings rate, and growth are all higher than at the bad equilibrium. |
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