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

In this paper, we examine the performance of the market mechanism by focusing on whether no one, in the "long-run", can be left behind with technological 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.

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Year of publication:	2019
Authors:	Xu, Yongsheng ; Yoshihara, Naoki
Publisher:	Amherst, MA : University of Massachusetts, Department of Economics
Subject:	dynamic market competition with technological innovation \| Hicksian Optimism \| the Walrasian allocation rule \| Pareto efficiency \| individual rationality

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Series:	Working Paper ; 2019-22
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	1685163874 [GVK] hdl:10419/227888 [Handle] RePEc:ums:papers:2019-22 [RePEc]
Classification:	D30 - Distribution. General ; D51 - Exchange and Production Economies ; D60 - Welfare Economics. General ; O33 - Technological Change: Choices and Consequences; Diffusion Processes ; P10 - Capitalist Systems. General ; P20 - Socialist Systems and Transitional Economies. General ; P40 - Other Economic Systems. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10012388909