TY  - JOUR
AU  - Tornell,Aaron
TI  - Economic Growth and Decline with Endogenous Property Rights
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4354
PY  - 1993
Y2  - May 1993
UR  - http://www.nber.org/papers/w4354
L1  - http://www.nber.org/papers/w4354.pdf
N1  - Author contact info:
Aaron Tornell
Department of Economics
UCLA
405 Hilgard Ave, Bunche Hall #8283
Los Angeles, CA  90095-1477
Tel: 310/794-1686
Fax: 310/825-9528
E-Mail: tornell@econ.ucla.edu
AB  - This paper introduces endogenous property rights into a neoclassical growth model. 1t identifies a mechanism that generates growth rates which are increasing at low levels of capital. and decreasing at high levels of capital. The driving force behind changes in property rights is the attempt of each rent-seeking group to secure exclusive access to a greater share of capital by excluding others. We characterize an equilibrium in which there is a shift from common to private property, followed by a switch back to common property.
ER  -