Working Paper Number

2019-22

Journal or Book Title

UMass Amherst Economics Working Papers

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.

License

UMass Amherst Open Access Policy

Included in

Economics Commons

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