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

Youngsheng Xu and Naoki Yoshihara ()
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Youngsheng Xu: Georgia State University

No SDES-2019-11, Working Papers from Kochi University of Technology, School of Economics and Management

Abstract: In this paper, we examine the performance of the market mechanismby focusing on whether no one, in the `long-run', can be left behind withtechnological 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 eciency; individual rationality (search for similar items in EconPapers)
JEL-codes: D30 D51 D60 O33 P10 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2019-11, Revised 2019-11
New Economics Papers: this item is included in nep-com, nep-ore and nep-tid
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Published in SDE Series, November 2019, pages 1-14

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http://www.souken.kochi-tech.ac.jp/seido/wp/SDES-2019-11.pdf First version, 2019 (application/pdf)

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Working Paper: Does dynamic market competition with technological innovation leave no one behind? (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:kch:wpaper:sdes-2019-11

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