Two‐Sector Growth Models with Productive Public Goods: Equilibrium (In)determinacy
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 |
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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. |
| doi_str_mv | 10.1002/j.2325-8012.2009.tb00924.x |
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| identifier | ISSN: 0038-4038 |
| ispartof | Southern economic journal, 2009-01, Vol.75 (3), p.639-662 |
| issn | 0038-4038 2325-8012 |
| language | eng |
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| source | Wiley Journals; Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Analysis Economic growth Education Equilibrium Equilibrium models Externality Government spending Growth models Human capital Productivity Public goods Public services Tax rates Taxation Taxes |
| title | Two‐Sector Growth Models with Productive Public Goods: Equilibrium (In)determinacy |
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