Economic Growth and Decline with Endogenous Property Rights

Aaron Tornell

No 4354, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper introduces endogenous property rights into a neoclassical growth model. 1t identifies a mechanism that generates growth rates which are increasing at low levels of capital. and decreasing at high levels of capital. The driving force behind changes in property rights is the attempt of each rent-seeking group to secure exclusive access to a greater share of capital by excluding others. We characterize an equilibrium in which there is a shift from common to private property, followed by a switch back to common property.

Date: 1993-05
Note: EFG
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Citations: View citations in EconPapers (7)

Published as Journal of Economic Growth, Vol. 2, no. 3 (September 1997): 219-250.

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Related works:
Journal Article: Economic Growth and Decline with Endogenous Property Rights (1997)
Working Paper: Economic Growth and Decline with Endogenous Property Rights (1995)
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