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The Transition to Market Economies in an Endogenous Growth Model with Altruistic Agents

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  • Jie Zhang

Abstract

This paper considers an endogenous transition from a self‐sufficient traditional economy to a market economy and its consequences on fertility and growth. The transition can occur if private intergenerational transfers are unable to secure old‐age consumption as adequately as savings on capital markets; otherwise individuals stay in the traditional economy unless the mass‐production technology in the market economy is sufficiently more advanced than individually accessible technologies. Markets emerge only if per capita output exceeds a certain level given a fixed cost of forming markets. The transition reduces fertility and promotes growth under plausible restrictions. JEL Classification: E20; J13; O10

Suggested Citation

  • Jie Zhang, 1999. "The Transition to Market Economies in an Endogenous Growth Model with Altruistic Agents," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(1), pages 11-31, March.
    • Handle: RePEc:bla:scandj:v:101:y:1999:i:1:p:11-31
    DOI: 10.1111/1467-9442.00138
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    Cited by:

    1. McDonald, Stuart & Zhang, Jie, 2012. "Income Inequality And Economic Growth With Altruistic Bequests And Human Capital Investment," Macroeconomic Dynamics, Cambridge University Press, vol. 16(S3), pages 331-354, November.
    2. Colburn, Christopher & Zhou, Haiwen, 2021. "The Partition of Production between Households and Markets," MPRA Paper 107158, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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