Market Restrictions and Economic Growth
AbstractThis paper introduces endogenous growth into a standard two-sector model to study the growth effect of changes in organization of markets. The authors find that, when the rents from land expand to keep pace with the growth of output, it is possible that, in the long run, an economy in which land is not traded grows faster than a fully competitive economy; and an economy in which neither land nor labor markets are competitive and the share of output given to labor is high enough attains the fastest growth. Otherwise, restrictions on the land market retard long-run growth.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 31 (1998)
Issue (Month): 2 (May)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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