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Uniqueness And Indeterminacy Of The Equilibrium Growth Path In The Uzawa‐Lucas Model With Sector Specific Externalities

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  • MANASH RANJAN GUPTA
  • BIDISHA CHAKRABORTY

Abstract

We introduce sector specific external effects of human capital on production in an otherwise Uzawa‐Lucas model of endogenous growth; and show that the problem of indeterminacy of the competitive equilibrium growth path does not exist even if the production function satisfies the increasing returns to scale at the social level.

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  • Manash Ranjan Gupta & Bidisha Chakraborty, 2007. "Uniqueness And Indeterminacy Of The Equilibrium Growth Path In The Uzawa‐Lucas Model With Sector Specific Externalities," The Japanese Economic Review, Japanese Economic Association, vol. 58(3), pages 400-406, September.
    • Handle: RePEc:bla:jecrev:v:58:y:2007:i:3:p:400-406
    DOI: 10.1111/j.1468-5876.2007.00387.x
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    Cited by:

    1. Constantin Chilarescu, 2018. "The effect of externality on the transitional dynamics: the case of Lucas model," Economics Bulletin, AccessEcon, vol. 32767(3).

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