Comparing Competitive Equilibria with Equilibria of Labor-Managed and Capital-Managed Economies in OLG Models
This paper compares a private ownership (competitive) economy, a labormanaged economy and a capital-managed economy in an overlapping-generations framework. Under standard and rather weak assumptions, the sets of equilibria for the two first economies are identical, in line with a result already shown in a static setting. We also prove that the set of competitive equilibria are included in the set of equilibria of capital-managed economies, but the converse is not true. However, using some smoothness assumptions, we show that an equilibrium of a capital-managed economy may be a competitive equilibrium.
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Volume (Year): 7 (2006)
Issue (Month): 2 (November)
Pages: 339-355
| Handle: | RePEc:cuf:journl:y:2006:v:7:i:2:p:339-355 |
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References listed on IDEAS
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- Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
- Meade, James E, 1972. "The Theory of Labour-Managed Firms and of Profit Sharing," Economic Journal, Royal Economic Society, vol. 82(325), pages 402-28, Supplemen.
- Dreze, Jacques H, 1976. "Some Theory of Labor Management and Participation," Econometrica, Econometric Society, vol. 44(6), pages 1125-39, November.
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