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.

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Paper provided by Université Laval - Département d'économique in its series Cahiers de recherche with number 9913.

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Date of creation: 1999
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Handle: RePEc:lvl:laeccr:9913

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Keywords: Uzawa-Lucas; Endogenous growth; Heterogenous agents; Steady state; Agent characteristics and Growth; Redistribution and Growth;

Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

This paper has been announced in the following NEP Reports:

• NEP-ALL-2002-04-15 (All new papers)
• NEP-DEV-2002-04-15 (Development)

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