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Heterogeneous Agents, Distribution and Growth

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  • Paquin, L.

Abstract

We modify the Uzawa-Lucas representative agent model of endogenous economic growth to allow for a variety of differences among households: differences in their tastes, in their human capital production technologies, and in their initial endowments. Some differences are incompatible with the existence of a steady- state equilibrium, while others have no effect upon the steady-state growth rate. However, a variety of differences give rise to inequalities in the distribution of income and to variations in the steady-state rate of growth. Furthermore, a redistributive tax and transfer policy can have a significant impact upon the steady-state level of investment in human capital and, thus, upon the rate of economic growth.

Suggested Citation

  • Paquin, L., 1999. "Heterogeneous Agents, Distribution and Growth," Papers 9913, Laval - Recherche en Politique Economique.
    • Handle: RePEc:fth:lavape:9913
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    More about this item

    Keywords

    ECONOMIC GROWTH ; ECONOMIC MODELS;

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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