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Voracity vs. Scale Effect in a Growing Economy

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  • Mino, Kazuo

Abstract

This paper extends the standard model of growth with insecure property rights by introducing variable labor supply and increasing returns to scale. It is assumed that capital stock is jointly owned by multiple interest groups and that each group participates production activities by supplying its labor force. In this setting, there are two opposing factors that affect growth: over consumption in the absence of secure property rights and the scale effect due to the presence of increasing returns. The growth performance of the economy thus depends on which factor dominates.

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File URL: http://mpra.ub.uni-muenchen.de/16999/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16999.

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Date of creation: Sep 2006
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Handle: RePEc:pra:mprapa:16999

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Keywords: common property; growth; increasing returns; endogenous labor supply; differential game;

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  1. Philip R. Lane & Aaron Tornell, 1999. "The Voracity Effect," American Economic Review, American Economic Association, American Economic Association, vol. 89(1), pages 22-46, March.
  2. Holger Strulik & Ines Lindner, 1999. "Property Rights and Growth," Quantitative Macroeconomics Working Papers, Hamburg University, Department of Economics 19904, Hamburg University, Department of Economics.
  3. Pelloni, Alessandra & Waldmann, Robert, 1998. "Stability properties of a growth model," Economics Letters, Elsevier, Elsevier, vol. 61(1), pages 55-60, October.
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