||Does dynamic market competition with technological innovation leave no one behind?
||Youngsheng Xu and Naoki Yoshihara
||In this paper, we examine the performance of the market mechanismby focusing on whether no one, in the `long-run', can be left behind withtechnological innovation in the economy. We show that the market mechanism with technological innovation unavoidably leaves some individuals behind. We extend this negative result to a broader class of resource allocation mechanisms.
|Revised version published in