No SDES-2019-11
Title Does dynamic market competition with technological innovation leave no one behind?
Author Youngsheng Xu and Naoki Yoshihara
Abstract 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.
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