Path-dependence without increasing returns to scale and network externalities

Article Abstract:

There has been a growing interest among economists on the concept of path-dependence. Certain real-world phenomena such as the QWERTY keyboard of typewriters and computers and the left-hand traffic in UK are easily explained by path-dependence. Some initial advantage mixed with increasing returns to scale or network externalities has led to locked-in situations. It is shown that path-dependence can happen despite the absence of increasing returns to scale and network externalities. The model developed shows that the locked-in situation is caused by the time structure of necessary investments and sunk costs.

Economies of scale, Path analysis

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Indeterminacy and endogenous fluctuations in two-sector growth models with externalities

Article Abstract:

The problem of indeterminacy in a two-sector growth model with an aggregate externality was addressed through consideration of the indeterminacy finding created by Boldrin and Rustichini. The approach showed the presence of a continuum equilibria that are reliant on the nature of externalities. Such equilibria vary from traditional initial capital stock and have the tendency to converge either from same steady state, a period two cycle or a quasi-periodic cycle.

Economics, Research and Development in the Social Sciences and Humanities, Capital formation, Equilibrium (Economics)

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Sustainable growth with environmental spillovers

Article Abstract:

The problem of optimal and sustainable growth with environmental spillovers is addressed by using Ramsey and Koopmans approach.

United States, Ramsey theory

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