Comparing Competitive Equilibria with Equilibria of Labor-Managed and Capital-Managed Economies in OLG Models
AbstractThis paper compares a private ownership (competitive) economy, a labormanaged economy and a capital-managed economy in an overlapping-generations framework. Under standard and rather weak assumptions, the sets of equilibria for the two first economies are identical, in line with a result already shown in a static setting. We also prove that the set of competitive equilibria are included in the set of equilibria of capital-managed economies, but the converse is not true. However, using some smoothness assumptions, we show that an equilibrium of a capital-managed economy may be a competitive equilibrium.
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Bibliographic InfoArticle provided by Society for AEF in its journal Annals of Economics and Finance.
Volume (Year): 7 (2006)
Issue (Month): 2 (November)
OLG models; Economic systems; Labor-management; Capitalmanagement;
Find related papers by JEL classification:
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
- P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
- P13 - Economic Systems - - Capitalist Systems - - - Cooperative Enterprises
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Meade, James E, 1972. "The Theory of Labour-Managed Firms and of Profit Sharing," Economic Journal, Royal Economic Society, vol. 82(325), pages 402-28, Supplemen.
- Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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