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| Author: | Economides, G. Park, H. Philippopoulos, A. |
| Title: | Optimal protection of property rights in a general equilibrium model of growth |
| Journal: | Scandinavian Journal of Economics
2007 : VOL. 109:1, p. 153-175 |
| Index terms: | growth policy property rights |
| Language: | eng |
| Abstract: | This article incorporates weak property rights into an otherwise standard general equilibrium model of growth and second-best optimal policy. The state plays two of its key roles, which are protector of property rights and provider of public services. This article focuses on analysing how weak property rights generate multiple decenrtalized competitive equilibria, the different properties of these equilibria, the different properties of these equilibria and the implications of second-best optimal policies. |
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