Autori
Privileggi, Fabio
Marchese, Carla

Titolo
A Competitive Idea-Based Growth Model with Shrinking Workers' Income
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2014 - Volume: 6 - Fascicolo: 15 - Pagina iniziale: 1 - Pagina finale: 26

In this paper we present a model in which endogenous growth arises in competitive markets. Knowledge is described as a labor-augmenting factor used directly in the Önal goodsíproduction. Firms demand both basic non-rival knowledge contents, which are supplied jointly and inelastically with raw labor, and further contents supplied by patent holders. This fact, together with Lindahl prices for knowledge, allows competition to work, while it also implies that workersíincome share declines overtime. In a Örst version of the model with constant cost of knowledge production the Örst best is attained. In further versions of the model, in which the cost of knowledge production is allowed to change over time and externalities arise, in a decentralized economy a second best equilibrium occurs in the transitional period, while in the long run there is convergence to efficiency.



Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2014dip/wp_15_2014.pdf

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