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Economic Growth and Decline with Endogenous Property Rights / Aaron Tornell.
- Format:
- Book
- Author/Creator:
- Tornell, Aaron.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4354.
- NBER working paper series no. w4354
- Language:
- English
- Subjects (All):
- Right of property.
- Economic development--Mathematical models.
- Economic development.
- Foreign exchange--Econometric models.
- Foreign exchange.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1993.
- Cambridge, Mass. : National Bureau of Economic Research, 1993.
- Summary:
- 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.
- Notes:
- Print version record
- May 1993.
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