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Endogenous Growth and Competitive Markets

Author

Listed:
  • Mich Tvede

    (University of Copenhagen, Institute of Economics)

  • Martin Kaae Jensen

    (University of Copenhagen, Institute of Economics)

Abstract

In the present paper, an optimal growth model for which transformation possibilities are supposed to be bounded in the short run and unbounded in the long run - maybe due to adjustment costs or accummulation costs - is considered. It is shown that equilibria exist and that equilibrium allocations are Pareto optimal and exhibit perpetual growth. The model of the present paper combines features of models with increasing returns to scale and externalities and features of models with constant returns to scale in the sense that it is capable of explaining why different countries experience different growth patterns and that equilibrium allocations are Pareto optimal.

Suggested Citation

  • Mich Tvede & Martin Kaae Jensen, 2000. "Endogenous Growth and Competitive Markets," Discussion Papers 00-14, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:0014
    as

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    More about this item

    Keywords

    Endogenous Growth; Optimal Growth; Pareto Optimality; Perpetual Growth;
    All these keywords.

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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