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

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Show simple item record Corchón, Luis C. Beviá, Carmen 2017-09-01T11:58:14Z 2018-09-01T22:00:05Z 2016-09-01
dc.identifier.bibliographicCitation Beviá, C., Corchón, Luis C. (2016). Growth in Illyria: The role of meritocracy in the accumulation of human capital. Mathematical Social Sciences, pp. 1-9.
dc.identifier.issn 0165-4896
dc.description.abstract In 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.
dc.description.sponsorship Thanks 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.
dc.format.extent 9
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Elsevier
dc.rights © Elsevier
dc.subject.other Cooperative production
dc.subject.other Sustained growth
dc.subject.other Future generations
dc.subject.other Meritocracy
dc.title Growth in Illyria: the role of meritocracy in the accumulation of human capital
dc.type article
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
dc.relation.projectID Gobierno de España. ECO2014-57442-P
dc.relation.projectID Gobierno de España. MDM 2014-0431
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 1
dc.identifier.publicationlastpage 9
dc.identifier.publicationtitle Mathematical social sciences
dc.identifier.uxxi AR/0000020267
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