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Growth in Illyria: the role of meritocracy in the accumulation of human capital

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dc.affiliation.dptoUC3M. Departamento de Economíaes
dc.contributor.authorCorchón, Luis C.
dc.contributor.authorBeviá, Carmen
dc.date.accessioned2017-09-01T11:58:14Z
dc.date.available2018-09-01T22:00:05Z
dc.date.issued2016-09-01
dc.description.abstractIn this paper we present a dynamic model of cooperative production with human capital accumulation. We assume CES preferences on consumption and leisure in each period. When agents do not care about future generations, sustained growth occurs iff the elasticity of substitution between consumption and leisure is larger or equal than one. Meritocracy always has a positive effect on output, but when the elasticity of substitution is less than one, is only a level effect. When agents care about future generations, under Cobb&-Douglas preferences in each period and some extra conditions, there is constant growth at a rate that is larger than the one when future generations do not count. For any discount rate between generations, there is a unique level of meritocracy for which efficiency is achieved.en
dc.description.sponsorshipThanks to the MOMA network under the project ECO2014-57673-REDT for financial support. The first author acknowledges financial support from ECO2014 53051, SGR2014-515 and PROMETEO/2013/037. The second author acknowledges financial support from ECO2014-57442-P, and financial support from the Ministerio Economía y Competitividad (Spain), grants S2015/HUM-3444 and MDM 2014-0431.en
dc.format.extent9es
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationBeviá, C., Corchón, Luis C. (2016). Growth in Illyria: The role of meritocracy in the accumulation of human capital. Mathematical Social Sciences, pp. 1-9.en
dc.identifier.doihttps://doi.org/10.1016/j.mathsocsci.2016.08.009
dc.identifier.issn0165-4896
dc.identifier.publicationfirstpage1es
dc.identifier.publicationlastpage9es
dc.identifier.publicationtitleMathematical social scienceses
dc.identifier.urihttps://hdl.handle.net/10016/25157
dc.identifier.uxxiAR/0000020267
dc.language.isoenges
dc.publisherElsevieres
dc.relation.projectIDGobierno de España. ECO2014-57442-Pes
dc.relation.projectIDGobierno de España. MDM 2014-0431es
dc.rights© Elsevieres
dc.rights.accessRightsopen accesses
dc.subject.ecienciaEconomíaes
dc.subject.otherCooperative productiones
dc.subject.otherSustained growthen
dc.subject.otherFuture generationsen
dc.subject.otherMeritocracyen
dc.titleGrowth in Illyria: the role of meritocracy in the accumulation of human capitalen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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