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

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2019-22

Classification and Topics

• Classification: Wirtschaft ; Distribution: General ; Exchange and Production Economies ; Welfare Economics: General ; Technological Change: Choices and Consequences; Diffusion Processes ; Capitalist Systems: General ; Socialist Systems and Transitional Economies: General ; Other Economic Systems: General
• Subject: dynamic market competition with technological innovation ; Hicksian Optimism ; the Walrasian allocation rule ; Pareto efficiency ; individual rationality

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Xu, Yongsheng ; Yoshihara, Naoki
• Event: Veröffentlichung
• (who): University of Massachusetts, Department of Economics
• (where): Amherst, MA
• (when): 2019

Further information

• Handle: http://hdl.handle.net/10419/227888
• Last update: 10.03.2025, 11:42 AM CET