Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66034
Authors: 
Strulik, Holger
Year of Publication: 
2011
Series/Report no.: 
Discussion Paper, Wirtschaftswissenschaftliche Fakultät, Leibniz Universität Hannover 473
Abstract: 
This article investigates economic performance when enforceable property rights are missing and basic needs matter for consumption. It suggests a new view of the so-called voracity effect according to which windfall gains in productivity induce behavior that leads to lower economic growth. Taking into account that the rate of intertemporal substitution in consumption depends on the level of consumption, it is shown that 'voracious behavior' is situation-specific. It occurs when an economy is in decline and suffciently close to stagnation.
Subjects: 
Economic growth
property rights
common pool resources
voracity
fractionalization
JEL: 
O11
O13
D74
P48
Document Type: 
Working Paper

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