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Does Dynamic Market Competition with Technological Innovation Leave No One Behind?
Citations
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.
Type
Working Paper
Date
2019
Publisher
Degree
Advisors
License
UMass Amherst Open Access Policy