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Income distribution and growth under a synthesis model of endogenous and neoclassical growth

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Title Income distribution and growth under a synthesis model of endogenous and neoclassical growth
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Material Type Reports
Author(English)

Kim, Se-Jik

Publisher

Sejong:Korea Institute for International Economic Policy

Date 2015-09
Series Title; No Working paper / 15-01
ISBN 978-89-322-4249-1
Pages 47
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic Conditions
Holding Korea Institute for International Economic Policy

Abstract

This paper develops a model which allows us to analyze the effect of policies that influence income distribution between capitalists and workers (such as taxes and market imperfections) on the log-run growth path of an economy. More specifically, we present a heterogeneous agent model where some agents choose to be capitalists to specialize in accumulating physical capital and others become workers accumulating human capital. An important feature of this model is that it can be reduced to either an endogenous growth model or Neoclassical growth model. For a range of the parameters of technology and policy variables, the model generates a balanced growth path where capitalists continue to accumulate physical capital and workers human capital, as in AK model of endogenous growth. (The rest omitted)