search query: @author Wagenhals, G. / total: 3
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| Author: | Stephan, G. Wagenhals, G. |
| Title: | Innovation, Decentralization und Equilibrium |
| Journal: | Schweizerische Zeitschrift für Volkswirtschaft und Statistik
1990 : VOL. 126:2, p. 129-147 |
| Index terms: | MACROECONOMIC MODELS EQUILIBRIUM ANALYSIS ECONOMIC POLICY |
| Language: | ger |
| Abstract: | The paper demonstrates for an overlapping generations economy with production that neither direct government intervention, nor strong conditions on preferences and endowments are necessary to assure Pareto efficiency of a competitive equilibrium allocation and the existence of an intertemporal valuation equilibrium. Two countervailing powers are at work: myopic competitive behaviour suggests to produce for immediate consumption, the possibility of using new innovative techniques in the future suggests to reduce consumption. The interaction of these two forces forms a balance between future and present. |
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