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Optimality of the competitive equilibrium in the Uzawa-Lucas model with sector-specific externalities

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  • Manuel Gómez

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Abstract

In this paper, we show that the competitive equilibrium is optimal in the Uzawa-Lucas model with sector-specific externalities associated to human capital in the goods sector. Thus, these external effects do not provoke a market failure and do not provide a rationale for government intervention. Copyright Springer-Verlag Berlin/Heidelberg 2004

Suggested Citation

  • Manuel Gómez, 2004. "Optimality of the competitive equilibrium in the Uzawa-Lucas model with sector-specific externalities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 23(4), pages 941-948, May.
  • Handle: RePEc:spr:joecth:v:23:y:2004:i:4:p:941-948
    DOI: 10.1007/s00199-003-0408-x
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    Cited by:

    1. Orlando Gomes, 2008. "Decentralized Allocation of Human Capital and Nonlinear Growth," Computational Economics, Springer;Society for Computational Economics, vol. 31(1), pages 45-75, February.
    2. Arantza Gorostiaga & Jana Hromcová & Miguel-Ángel López-García, 2013. "Optimal taxation in the Uzawa–Lucas model with externality in human capital," Journal of Economics, Springer, vol. 108(2), pages 111-129, March.
    3. Manuel A. Gómez, 2006. "Equilibrium efficiency in the Uzawa-Lucas model with sector-specific externalities," Economics Bulletin, AccessEcon, vol. 8(3), pages 1-8.
    4. d'Albis, Hippolyte & Le Van, Cuong, 2006. "Existence of a competitive equilibrium in the Lucas (1988) model without physical capital," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 46-55, February.
    5. repec:ebl:ecbull:v:8:y:2006:i:3:p:1-8 is not listed on IDEAS

    More about this item

    Keywords

    Endogenous growth; Externalities; Efficiency.;

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