Allyn A. Young - Increasing Returns and Economic Progress

Increasing Returns and Economic Efficiency

This paper argues that, from the viewpoint of Pareto optimality, the industries with increasing returns are under-expanded relative to those without increasing returns and those with higher degrees of increasing returns are under-expanded relative to those with lower degrees. Ignoring administrative and indirect (such as rent-seeking) costs, subsidies on goods produced under conditions of (high...

Increasing Returns and Economic Geography

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Heterogeneity and increasing returns may drive socio-economic transitions

There are clear benefits associated with a particular consumer choice for many current markets. For example, as we consider here, some products might carry environmental or ‘green’ benefits. Some consumers might value these benefits while others do not. However, as evidenced by myriad failed attempts of environmental products to maintain even a niche market, such benefits do not necessarily out...

Stabilization of human population through economic increasing returns

The assumptions of declining fertility with rising income and rising per-capita output with rising population imply the existence of a stable demographic equilibrium with a high standard of living and relatively low total population. This Smithian equilibrium differs from the well-known Malthusian equilibrium in its comparative statics: technical progress lowers the Smithian equilibrium populat...

Planning, Prices and Increasing Returns