Growth in Illyria: The role of meritocracy in the accumulation of human capital
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Título: | Growth in Illyria: The role of meritocracy in the accumulation of human capital |
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Autor/es: | Beviá, Carmen | Corchón, Luis C. |
Grupo/s de investigación o GITE: | Análisis Económico |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Palabras clave: | Cooperative Production | Growth | Meritocracy |
Área/s de conocimiento: | Fundamentos del Análisis Económico |
Fecha de publicación: | nov-2017 |
Editor: | Elsevier |
Cita bibliográfica: | Mathematical Social Sciences. 2017, 90: 182-190. doi:10.1016/j.mathsocsci.2016.08.009 |
Resumen: | In this paper we present a dynamic model of cooperative production with human capital accumulation. We assume CES preferences on consumption and leisure in each period. When agents do not care about future generations, sustained growth occurs iff the elasticity of substitution between consumption and leisure is larger or equal than one. Meritocracy always has a positive effect on output, but when the elasticity of substitution is less than one, is only a level effect. When agents care about future generations, under Cobb–Douglas preferences in each period and some extra conditions, there is constant growth at a rate that is larger than the one when future generations do not count. For any discount rate between generations, there is a unique level of meritocracy for which efficiency is achieved. |
Patrocinador/es: | Thanks to the MOMA network under the project ECO2014-57673-REDT for financial support. The first author acknowledges financial support from ECO2014 53051, SGR2014-515 and PROMETEO/2013/037. The second author acknowledges financial support from ECO2014-57442-P, and financial support from the Ministerio Economía y Competitividad (Spain), grants S2015/HUM-3444 and MDM 2014-0431. |
URI: | http://hdl.handle.net/10045/70639 |
ISSN: | 0165-4896 (Print) | 1879-3118 (Online) |
DOI: | 10.1016/j.mathsocsci.2016.08.009 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © 2016 Elsevier B.V. |
Revisión científica: | si |
Versión del editor: | http://dx.doi.org/10.1016/j.mathsocsci.2016.08.009 |
Aparece en las colecciones: | INV - Análisis Económico - Artículos de Revistas |
Archivos en este ítem:
Archivo | Descripción | Tamaño | Formato | |
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2017_Bevia_Corchon_MathSocSci_final.pdf | Versión final (acceso restringido) | 398,46 kB | Adobe PDF | Abrir Solicitar una copia |
2017_Bevia_Corchon_MathSocSci_preprint.pdf | Preprint (acceso abierto) | 1,04 MB | Adobe PDF | Abrir Vista previa |
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