Abstract
The purpose of this paper is firstly to analyze the possibility and secondly to characterize the consequences of aggregate externalities of increasing returns to scale in a decentralized growth model specialized to incorporate aggregate externalities of stock which are intended to stylize in a convenient way natural limits on expansion on the economy.
Preliminary versions of the present contribution have been presented at the first Summer School f the European Economic Association held at Lisbon in September 1990 and at the IInd Workshop on Nonlinear Dynamics in Economics held at the Certosa di Pontignano in Sienna in May 1991. I would hke to thank for useful comments and suggestions A. d’Autume, A. Chenciner, P.Y. Ceoffard, J. Clachant, F. Portier, S. Rebelo, P. Reichlin, D. Verner, M. Woodford and one of the referees. lam particularly grateful to B. Wigniolle for a careful reading and f0 many improvements. The responsability for any errors is mine.
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Drugeon, J.P. (1993). Endogenous Cycles, Increasing Returns and Global Bifurcations in an Imperfectly Competitive Economy. In: Gori, F., Geronazzo, L., Galeotti, M. (eds) Nonlinear Dynamics in Economics and Social Sciences. Lecture Notes in Economics and Mathematical Systems, vol 399. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-58031-4_9
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