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Does Dynamic Market Competition with Technological Innovation Leave No One Behind?
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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
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License
UMass Amherst Open Access Policy