Public services , increasing returns , and equilibrium dynamics

@inproceedings{Zhang1999PublicS,
  title={Public services , increasing returns , and equilibrium dynamics},
  author={Junxi Zhang},
  year={1999}
}
This paper is concerned with casting o! the standard assumption } the production function displays socially constant returns to scale } in a simple growth model with public inputs. In the model, public services work as a source of utility and as an input to production. Making use of the global bifurcation technique, we show that the model can generate a whole spectrum of interesting dynamics, which do not arise with constant returns. Speci"cally, when increasing returns are not exceedingly… CONTINUE READING

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