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Voracity vs. Scale Effect in a Growing Economy

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Author Info
Mino, Kazuo

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

Find related papers by JEL classification:
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

References listed on IDEAS
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  1. Pelloni, Alessandra & Waldmann, Robert, 1998. "Stability properties of a growth model," Economics Letters, Elsevier, vol. 61(1), pages 55-60, October. [Downloadable!] (restricted)
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  2. Aaron Tornell & Philip R. Lane, 1999. "The Voracity Effect," American Economic Review, American Economic Association, vol. 89(1), pages 22-46, March. [Downloadable!] (restricted)
  3. Lindner,I. & Strulik, H., 1999. "Property Rights and Growth," Electronic-Only (EO) Working Papers 9903, Faculty of Economics, University of Cambridge. [Downloadable!]
    Other versions:
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