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Persistent link: https://www.econbiz.de/10005176626
This paper analyses optimal paths in a one-sector growth model when the technology is not convex. In such a case, we prove that optimal paths converge to the upper steady state iff the initial wealth is above a critical level. Then we first show that thanks to debt and/or R&D the poverty trap...
Persistent link: https://www.econbiz.de/10005600715
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Persistent link: https://www.econbiz.de/10005120892