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Voracity vs. Scale Effect in a Growing Economy

Author

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  • Mino, Kazuo

Abstract

This paper extends the standard model of growth with insecure property rights by introducing variable labor supply and increasing returns to scale. It is assumed that capital stock is jointly owned by multiple interest groups and that each group participates production activities by supplying its labor force. In this setting, there are two opposing factors that affect growth: over consumption in the absence of secure property rights and the scale effect due to the presence of increasing returns. The growth performance of the economy thus depends on which factor dominates.

Suggested Citation

  • Mino, Kazuo, 2006. "Voracity vs. Scale Effect in a Growing Economy," MPRA Paper 16999, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:16999
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    File URL: https://mpra.ub.uni-muenchen.de/16999/1/MPRA_paper_16999.pdf
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    References listed on IDEAS

    as
    1. Holger Strulik & Ines Lindner, 1999. "Property Rights and Growth," Quantitative Macroeconomics Working Papers 19904, Hamburg University, Department of Economics.
    2. Pelloni, Alessandra & Waldmann, Robert, 1998. "Stability properties of a growth model," Economics Letters, Elsevier, vol. 61(1), pages 55-60, October.
    3. Philip R. Lane & Aaron Tornell, 1999. "The Voracity Effect," American Economic Review, American Economic Association, vol. 89(1), pages 22-46, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Tenryu, Yohei, 2013. "The Role of the Private Sector under Insecure Property Rights," MPRA Paper 74893, University Library of Munich, Germany, revised 27 Oct 2016.
    2. repec:spr:inrvec:v:64:y:2017:i:3:d:10.1007_s12232-017-0271-x is not listed on IDEAS

    More about this item

    Keywords

    common property; growth; increasing returns; endogenous labor supply; differential game;

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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