Two-Sector Growth Models with Productive Public Goods: Equilibrium (In)determinancy

In existing two-sector, human capital–based endogenous growth models with social constant returns, local equilibrium indeterminacy emerges based upon either differential factor tax rates or sector-specific externalities. Two primary results are established in this paper. First, once there are produc...

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Veröffentlicht in:	Southern economic journal 2009-01, Vol.75 (3), p.639-662
Hauptverfasser:	Chen, Been-Lon, Lee, Shun-Fa
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Sprache:	eng
Schlagworte:	Economic externalities Economic growth models Eigenvalues Endogenous growth theory Government services Human capital Public goods Structural capital Tax rates Taxation
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container_title	Southern economic journal
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creator	Chen, Been-Lon Lee, Shun-Fa
description	In existing two-sector, human capital–based endogenous growth models with social constant returns, local equilibrium indeterminacy emerges based upon either differential factor tax rates or sector-specific externalities. Two primary results are established in this paper. First, once there are productive public goods, the two existing mechanisms are not robust in establishing local indeterminacy. Second, with the congestion effect in the use of public services, local indeterminacy is regained.
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source	Business Source Complete; JSTOR Archive Collection A-Z Listing; Wiley Online Library All Journals
subjects	Economic externalities Economic growth models Eigenvalues Endogenous growth theory Government services Human capital Public goods Structural capital Tax rates Taxation
title	Two-Sector Growth Models with Productive Public Goods: Equilibrium (In)determinancy
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