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- Title
Power, Distributive Conflicts, and Multiple Growth Paths.
- Authors
Paul, Gilles Saint; Verdier, Thierry
- Abstract
This article shows that multiple growth paths may occurin a politico-economic model of endogenous growth. This multiplicityis characterized by the coexistence of the low-tax, low-capital-flightequilibrium and a high-tax, high-capital-flight equilibrium.The likelihood of multiplicity is crucially related to the structureof power in society—namely, it is necessary that the politicallydecisive agents have a greater access to international capitalmarkets than the average in the economy.
- Subjects
ECONOMIC development; ECONOMIC statistics; MATHEMATICAL models; ECONOMIC models; ECONOMETRICS
- Publication
Journal of Economic Growth, 1997, Vol 2, Issue 2, p155
- ISSN
1381-4338
- Publication type
Article
- DOI
10.1023/A:1009729117637