Overtakable Capitalist Growth Paths
Author(s) -
A. J. Julius
Publication year - 2004
Publication title -
ssrn electronic journal
Language(s) - English
Resource type - Journals
ISSN - 1556-5068
DOI - 10.2139/ssrn.651186
Subject(s) - economic geography , economic system , economics , business , political science
Comparing a process of labor- and capital-augmenting technical change directed by capitalists' maximization of profits with a counterfactual in which decentralized innovation decisions are governed by noncapitalist property relations, I claim that if the two economies start from the same technology and capital stock there's a date T such that after T per-capita consumption is always strictly greater on the counterfactual.
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