UNIQUENESS AND INDETERMINACY OF THE EQUILIBRIUM GROWTH PATH IN THE UZAWA‐LUCAS MODEL WITH SECTOR SPECIFIC EXTERNALITIES*

Manash Gupta () and Bidisha Chakraborty

The Japanese Economic Review, 2007, vol. 58, issue 3, 400-406

Abstract: We introduce sector specific external effects of human capital on production in an otherwise Uzawa‐Lucas model of endogenous growth; and show that the problem of indeterminacy of the competitive equilibrium growth path does not exist even if the production function satisfies the increasing returns to scale at the social level.

Date: 2007
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