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| Author: | Zhang, J. |
| Title: | Global behaviour of a system with imperfect private-public substitutability |
| Journal: | Journal of Public Economics
1998 : MAR, VOL. 67:3, p. 437-454 |
| Index terms: | ECONOMICS SUBSTITUTE GOODS DYNAMIC MODELS |
| Language: | eng |
| Abstract: | Empirical findings reveal that the relationship between private and public consumption generally differs from country to country: it is substitutable for some, while it is complementary for others. The present paper incorporates this regularity into a simple growth model with public goods which affect utility and production. The model casts off the standard assumption of socially constant returns to scale, and as a result it generates many interesting dynamic features, which do not arise with constant returns. |
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