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Does dynamic market competition with technological innovation leave no one behind?

Yongsheng Xu () and Naoki Yoshihara

No 699, Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: In this paper, we examine the performance of the market mechanism by focusing on whether no one, in the `long-run', can be left behind with technological innovation in the economy. We show that the market mechanism with technological innovation unavoidably leaves some individuals behind. We extend this negative result to a broader class of resource allocation mechanisms.

Keywords: dynamic market competition with technological innovation; Hicksian Optimism; the Walrasian allocation rule; Pareto efficiency; individual rationality (search for similar items in EconPapers)
JEL-codes: D30 D51 D60 O33 P10 P20 P40 (search for similar items in EconPapers)
Date: 2019-10
New Economics Papers: this item is included in nep-com, nep-ore and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hituec:699

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