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Can market power sustain endogenous growth in overlapping-generations economies?

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  • Rodolphe Dos Santos Ferreira

    ()
    (BETA-Theme, Université Louis Pasteur and Institut Universitaire de France 61, avenue de la Forêt Noire, F-67085 Strasbourg Cedex, FRANCE)

  • Teresa Lloyd-Braga

    ()
    (Universidade Católica Portuguesa, FCEE, Palma de Cima, 1649-023, Lisboa, PORTUGAL)

Abstract

Sustained endogenous growth is known to be impossible in OLG one-sector models without non-convexities and externalities, unless income is redistributed to the young generation. No redistribution proper is however necessary, as shown in two simple examples, if positive profits accruing to young monopolistic entrepreneurs can be sustained in equilibrium, and/or if young unionised workers can guarantee a non-vanishing share of aggregate income. In this context, market power appears, in two different forms, as a significant source of sustained endogenous growth.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 1 ()
Pages: 199-205

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Handle: RePEc:spr:joecth:v:20:y:2002:i:1:p:199-205

Note: Received: October 3, 2000; revised version: March 9, 2001
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Related research

Keywords: Endogenous growth; Overlapping generations; Imperfect competition in macroeconomics.;

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Cited by:
  1. Coimbra, Rui & Lloyd-Braga, Teresa & Modesto, Leonor, 2002. "Endogenous Growth Fluctuations in Unionised Economy with Productive Externalities," CEPR Discussion Papers 3230, C.E.P.R. Discussion Papers.
  2. repec:hal:cesptp:halshs-00266722 is not listed on IDEAS
  3. Thomas Seegmuller, 2005. "On the stabilizing virtues of imperfect competition," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(4), pages 313-323.
  4. Seegmuller, Thomas, 2008. "Taste For Variety And Endogenous Fluctuations In A Monopolistic Competition Model," Macroeconomic Dynamics, Cambridge University Press, vol. 12(04), pages 561-577, September.
  5. Koskela, Erkki & Puhakka, Mikko, 2007. "Stability and Dynamics in an Overlapping Generations Economy with Flexible Wage Negotiations," IZA Discussion Papers 3246, Institute for the Study of Labor (IZA).
  6. Erkki Koskela & Mikko Puhakka, 2006. "Stability and Dynamics in an Overlapping Generations Economy under Flexible Wage Negotiation and Capital Accumulation," CESifo Working Paper Series 1840, CESifo Group Munich.
  7. repec:hal:journl:halshs-00194173 is not listed on IDEAS

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