Xu, YongshengYoshihara, Naoki2024-04-262019-11-22201910.7275/15848057https://hdl.handle.net/20.500.14394/22262In 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 Policydynamic market competition with technological innovationHicksian Optimismthe Walrasian allocation rulePareto efficiencyindividual rationalityEconomicsWorking Paper