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• W2549469864 abstract "ADAM Smith remarked that 'The desire of food is limited in every man by the narrow capacity of the human stomach' (The Wealth of Nations, Book I, chapter XI). Suppose that the economy produced nothing but food and economic progress consisted simply of more and more efficient ways of doing so. Would we expect that people would continue to work just as hard, solely in order to be able to cram more and more food into their stomachs? Surely not. In such an economy, we should not expect (after a while) to observe very much economic growth, in the usual sense of a rise in per capita consumption; instead we should expect the fruits of technical progress to appear in the form of increasing leisure. However, in the passage just quoted, Smith went on to assert that 'the desire of the conveniences and ornaments of building, dress, equipage, and household furniture, seems to have no limit or certain boundary'. So whether or not technical progress is accompanied by increasing leisure would seem to depend on the nature of the goods available. It is of course a commonplace to observe that historically economic development has been accompanied by a vastly increased range of consumer goods. (For a vivid recent demonstration of this point, see Baumol et al. 1989, chapter 3). Suppose however to the contrary that the modern economy could only produce the same range of goods as were available a century and a half ago, but that the technological ability of the economy to produce that range had grown at the rate at which it in fact has. In other words, no cars, radios or televisions are available, but the productivity of the average worker in the production of horse-drawn carriages, sheet music, magazines, etc. has grown at the same rate as that observed historically for goods in general. How many hours per week would people be willing to work, and what proportion of their lives would they be willing to devote to work, in order to purchase this (vastly more limited) range of products? Would they perhaps take a much larger part of the benefits of technological progress in the form of increased leisure, having become satiated with consuming only the range of goods available in the 1840s? Although new consumer goods are constantly appearing, growth theory until recently has taken very little notice of the this fact.' Perhaps it is felt that an increase in the range of available goods is much the same as an increase in" @default.
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• W2549469864 title "Widening the human stomach: the effect of new consumer goods on economic growth and leisure." @default.
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