Property Rights and Growth
AbstractThe paper analyses the long-run equilibrium and adjustment dynamics in models of economic growth where property rights are absent. A comparison with the standard models assesses the importance of property rights quantitatively. In the neoclassical growth model individuals arrive at a lower steady-state level of consumption. The absolute convergence hypothesis does not longer hold. An augmented non--linear Ak economy is capable of long-run growth without institutional arrangements if this holds true for an otherwise identical economy with secure property rights. The lawless economy, however, approaches a lower long-run growth rate which is only up to about half of that of an economy with secure property rights. This is due to a lower investment rate despite identical long--run capital productivity. The model, therefore, can explains conditional convergence.
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Bibliographic InfoPaper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 19904.
Date of creation: Apr 1999
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Other versions of this item:
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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