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Heterogeneous Agents, Distribution and Growth

  • Paquin, Lloyd
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    We modify the Uzawa-Lucas representative agent model of endogenous economic growth to allow for a variety of differences among households: differences in their tastes, in their human capital production technologies, and in their initial endowments. Some differences are incompatible with the existence of a steady- state equilibrium, while others have no effect upon the steady-state growth rate. However, a variety of differences give rise to inequalities in the distribution of income and to variations in the steady-state rate of growth. Furthermore, a redistributive tax and transfer policy can have a significant impact upon the steady-state level of investment in human capital and, thus, upon the rate of economic growth.

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    File URL: http://www.ecn.ulaval.ca/w3/recherche/cahiers/1999/9913.pdf
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    Paper provided by Université Laval - Département d'économique in its series Cahiers de recherche with number 9913.

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    Date of creation: 1999
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    Handle: RePEc:lvl:laeccr:9913
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