Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply
The purpose of this study is to introduce tourism to a small-open growth with endogenous wealth and human capital. We develop the model on the basis of the Solow- Uzawa growth model, Arrow’s learning by doing, the literature of small-open economic growth models, and ideas from tourism economics. The...
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| Format: | Article |
| Language: | English |
| Published: |
General Association of Economists from Romania
2016-12-01
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| Series: | Theoretical and Applied Economics |
| Subjects: | |
| Online Access: |
http://store.ectap.ro/articole/1227.pdf
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| _version_ | 1828433946483884032 |
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| author | Wei-Bin ZHANG |
| author_facet | Wei-Bin ZHANG |
| author_sort | Wei-Bin ZHANG |
| collection | DOAJ |
| description | The purpose of this study is to introduce tourism to a small-open growth with
endogenous wealth and human capital. We develop the model on the basis of the Solow-
Uzawa growth model, Arrow’s learning by doing, the literature of small-open economic
growth models, and ideas from tourism economics. The economy consists of one service
sector and one industrial sector. International tourists and domestic residents consume
non-traded goods and services. We introduce endogenous land distribution between
housing and supply of services. The production side is based on the traditional growth
theories, while the household behavior is described by an alternative utility function
proposed by Zhang (1993). We simulate the motion of the national economy and examine
effects of changes in some parameters. The comparative dynamic analysis with regard to
the rate of interest, the price elasticity of tourism, the global economic condition, the total
productivities of the industrial and service sectors, the impact of tourism on human capital
accumulation, and the propensity to save provides some important insights into the
complexity of open economies with endogenous wealth and human capital. |
| first_indexed | 2024-12-10T18:43:04Z |
| format | Article |
| id | doaj.art-7e2ab712d1184619abf4aad8f8c92b96 |
| institution | Directory Open Access Journal |
| issn | 1841-8678 1844-0029 |
| language | English |
| last_indexed | 2024-12-10T18:43:04Z |
| publishDate | 2016-12-01 |
| publisher | General Association of Economists from Romania |
| record_format | Article |
| series | Theoretical and Applied Economics |
| spelling | doaj.art-7e2ab712d1184619abf4aad8f8c92b962022-12-22T01:37:36ZengGeneral Association of Economists from RomaniaTheoretical and Applied Economics1841-86781844-00292016-12-01XXIII410312618418678Tourism and economic structural change with endogenous wealth and human capital and elastic labor supplyWei-Bin ZHANG0 Ritsumeikan Asia Pacific University, Japan The purpose of this study is to introduce tourism to a small-open growth with endogenous wealth and human capital. We develop the model on the basis of the Solow- Uzawa growth model, Arrow’s learning by doing, the literature of small-open economic growth models, and ideas from tourism economics. The economy consists of one service sector and one industrial sector. International tourists and domestic residents consume non-traded goods and services. We introduce endogenous land distribution between housing and supply of services. The production side is based on the traditional growth theories, while the household behavior is described by an alternative utility function proposed by Zhang (1993). We simulate the motion of the national economy and examine effects of changes in some parameters. The comparative dynamic analysis with regard to the rate of interest, the price elasticity of tourism, the global economic condition, the total productivities of the industrial and service sectors, the impact of tourism on human capital accumulation, and the propensity to save provides some important insights into the complexity of open economies with endogenous wealth and human capital. http://store.ectap.ro/articole/1227.pdf tourismprice elasticity of tourismwealth accumulationendogenous human capitalelastic labor supply |
| spellingShingle | Wei-Bin ZHANG Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply Theoretical and Applied Economics tourism price elasticity of tourism wealth accumulation endogenous human capital elastic labor supply |
| title | Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply |
| title_full | Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply |
| title_fullStr | Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply |
| title_full_unstemmed | Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply |
| title_short | Tourism and economic structural change with endogenous wealth and human capital and elastic labor supply |
| title_sort | tourism and economic structural change with endogenous wealth and human capital and elastic labor supply |
| topic | tourism price elasticity of tourism wealth accumulation endogenous human capital elastic labor supply |
| url |
http://store.ectap.ro/articole/1227.pdf
|
| work_keys_str_mv | AT weibinzhang tourismandeconomicstructuralchangewithendogenouswealthandhumancapitalandelasticlaborsupply |