Well-Behaved Versus ” Non-behaved ” models of Growth : The Economics of Alice in Wonderland

Abstract

Can an increase in the rate of savings slow down long-run growth ? Can a tax on capital lead to higher growth even though the revenue is not spend on R&D, or for some other productive purpose ? Is a perfectly competitive, non-distorted economy safeguarded against ’growth traps’, implying that ’free market’ development strategies always work ? The present… (More)

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