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Optimality of the competitive equilibrium in the Uzawa-Lucas model with sector-specific externalities

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Author Info
Manuel Gómez ()

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Abstract

In this paper, we show that the competitive equilibrium is optimal in the Uzawa-Lucas model with sector-specific externalities associated to human capital in the goods sector. Thus, these external effects do not provoke a market failure and do not provide a rationale for government intervention. Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00199-003-0408-x
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 23 (2004)
Issue (Month): 4 (May)
Pages: 941-948
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Handle: RePEc:spr:joecth:v:23:y:2004:i:4:p:941-948

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Related research
Keywords: Endogenous growth; Externalities; Efficiency.;

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Cited by:
(explanations, 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.)
  1. Manuel A. Gómez, 2006. "Equilibrium efficiency in the Uzawa-Lucas model with sector-specific externalities," Economics Bulletin, Economics Bulletin, vol. 8(3), pages 1-8. [Downloadable!]
  2. Gomes, Orlando, 2007. "Decentralized allocation of human capital and nonlinear growth," MPRA Paper 2882, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Orlando Gomes, 2008. "Endogenous Growth, Price Stability and Market Disequilibria," Working Papers ercwp0608, ISCTE, UNIDE, Economics Research Centre. [Downloadable!]
  4. Orlando Gomes, 2008. "Stability under Learning: the Endogenous Growth Problem," Working Papers ercwp1708, ISCTE, UNIDE, Economics Research Centre. [Downloadable!]
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This page was last updated on 2009-11-25.

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