An endogenous growth model with concave consumption functions
AbstractIn this paper we combine the assumption that the consumption function is concave with an AK production function. We show that the set of equilibrium steady-state growth rates is an interval. Then we note that when they exist, unegalitarian equilibria are characterized by higher rates of growth than egalitarian ones and, moreover, higher equilibrium growth rates correspond to higher levels of inequality. Also we prove that each path converges either to an egalitarian or to one of unegalitarian equilibria. To what equilibrium a path converges depends on the initial distribution of wealth
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2004 with number 276.
Date of creation: 11 Aug 2004
Date of revision:
Economic growth; Distribution;
Find related papers by JEL classification:
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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