Titlebook: Endogenous Growth, Market Failures and Economic Policy; Martin Zagler Book 1999 Martin Zagler 1999 competition.economic growth.economic po

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Endogenous Growth, Division of Labor and Fiscal Policyodel of endogenous growth with two main deviations from existing literature: first, endogenous growth is based on the division of labor. The engine of growth is the worker’s incentive to achieve higher income, thereby inducing an increase in the degree of specialization. Second, we emphasize that bo

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Foreign Indebtedness, Inflation and Exchange Rate Overshootings to give a theoretical answer to these two questions of international and monetary economic theory. The model setup in which these questions are treated is a standard representative agent utilitarian model, allowing for long-run growth due to constant returns to scale with respect to reproducible f

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Conclusion: Policy Implicationse practical application of all the previous theorizing. This Conclusion explains why there is a need for economic policy or why the market is not a sufficient instrument to ensure allocative efficiency — just as it never helped to secure distributive justice, a point which is discussed in section 9.

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Endogenous Growth, Market Failures and Economic Policy978-1-349-27129-0

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omic policy perspectives that can be deduced from the New Growth Theory in the presence of market imperfections, adopting the standard structure of fiscal, monetary and trade policy for the book. For instance, the introduction of monopolistic competition leads to positive growth effects of fiscal po