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Poverty, voracity, and growth

Holger Strulik ()

Journal of Development Economics, 2012, vol. 97, issue 2, 396-403

Abstract: This article investigates economic performance when enforceable property rights are missing and basic needs matter for consumption. It suggests a new view of the so-called voracity effect according to which windfall gains in productivity induce behavior that leads to lower economic growth. Taking into account that the rate of intertemporal substitution in consumption depends on the level of consumption, it is shown that “voracious behavior” is situation-specific. It occurs when an economy is in decline and sufficiently close to stagnation.

Keywords: Economic growth; Property rights; Common pool resources; Voracity; Fractionalization (search for similar items in EconPapers)
JEL-codes: O11 O13 D74 P48 (search for similar items in EconPapers)
Date: 2012
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