Economics Department Working Paper Series

Working Paper Number

2019-22

Publication Date

2019

Abstract

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.

DOI

https://doi.org/10.7275/15848057

License

UMass Amherst Open Access Policy

Included in

Economics Commons

COinS