Power Fluctuations and Political Economy
We study (constrained) Pareto efficient allocations in a dynamic production economy where the group that holds political power decides the allocation of resources. For high discount factors, the economy converges to a first-best allocation where labor supply decisions are not distorted. For low disc...
| Main Authors: | , , |
|---|---|
| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
Elsevier
2011
|
| Online Access: | http://hdl.handle.net/1721.1/61784 https://orcid.org/0000-0003-0908-7491 |