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Standard one-sector growth models often have the counterfactual implication that economies with access to similar technologies will converge to a common balanced growth path. We propose an elaboration of the Diamond model that permits multiple, locally stable stationary states. This multiplicity is due to increasing social returns to scale in the accumulation of human capital.
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Azariadis et al. (Tue,) studied this question.
www.synapsesocial.com/papers/6a03c2a92c9d016f00de0e12 — DOI: https://doi.org/10.2307/2937797
Costas Azariadis
Allan Drazen
The Quarterly Journal of Economics
Princeton University
Tel Aviv University
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