Optimality of the competitive equilibrium in the Uzawa-Lucas model with sector-specific externalities

Manuel Gómez

Economic Theory, 2004, vol. 23, issue 4, 948 pages

Abstract: In this paper, we show that the competitive equilibrium is optimal in the Uzawa-Lucas model with sector-specific externalities associated to human capital in the goods sector. Thus, these external effects do not provoke a market failure and do not provide a rationale for government intervention. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Endogenous growth; Externalities; Efficiency. (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s00199-003-0408-x

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