Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
Productivity and welfare can have an inverse relationship. This paper describes an overlapping generations model where housing is the savings vehicle, and utility is provided by housing and a consumption good. If intratemporal substitution between the consumption good and housing is sufficiently inelastic, aggregate utility is decreasing in productivity. At higher levels of productivity, the relative scarcity of housing aggravates the problem of oversaving.