Economic Growth and Decline with Endogenous Property Rights
45 Pages Posted: 5 Jan 2002 Last revised: 29 Nov 2022
Date Written: May 1993
Abstract
This paper introduces endogenous property rights into a neoclassical growth model. 1t identifies a mechanism that generates growth rates which are increasing at low levels of capital. and decreasing at high levels of capital. The driving force behind changes in property rights is the attempt of each rent-seeking group to secure exclusive access to a greater share of capital by excluding others. We characterize an equilibrium in which there is a shift from common to private property, followed by a switch back to common property.
Suggested Citation: Suggested Citation
Tornell, Aaron, Economic Growth and Decline with Endogenous Property Rights (May 1993). NBER Working Paper No. w4354, Available at SSRN: https://ssrn.com/abstract=227024
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