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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.



Item Type: MPRA Paper -

Original Title: Voracity vs. Scale Effect in a Growing Economy-

Language: English-

Keywords: common property, growth, increasing returns, endogenous labor supply, differential game-

Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O43 - Institutions and GrowthO - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General-





Autor: Mino, Kazuo

Fuente: https://mpra.ub.uni-muenchen.de/16999/







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