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Vintage Capital and Equality

Boyan Jovanovic ()

Working Papers from C.V. Starr Center for Applied Economics, New York University

Abstract: If machines are indivisible, a vintage capital model nust give rise to income inequality. If new machines are always better than old ones and if society cannot provide everyone with a new machine all of the time, inequality will result. I explore this mechanism in detail.

Keywords: CAPITAL; MACHINES (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Pages: 31 pages
Date: 1998
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