Working Paper Number
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.
UMass Amherst Open Access Policy
Xu, Yongsheng and Yoshihara, Naoki, "Does Dynamic Market Competition with Technological Innovation Leave No One Behind?" (2019). UMass Amherst Economics Working Papers. 280.