An endogenous growth model with concave consumption functions
In this paper we combine the assumption that the consumption function is concave with an AK production function. We show that the set of equilibrium steady-state growth rates is an interval. Then we note that when they exist, unegalitarian equilibria are characterized by higher rates of growth than egalitarian ones and, moreover, higher equilibrium growth rates correspond to higher levels of inequality. Also we prove that each path converges either to an egalitarian or to one of unegalitarian equilibria. To what equilibrium a path converges depends on the initial distribution of wealth
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|Date of creation:||11 Aug 2004|
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