𝔖 Bobbio Scriptorium
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Translators: Market makers in merging markets

✍ Scribed by Robert Tamura

Publisher
Elsevier Science
Year
2001
Tongue
English
Weight
210 KB
Volume
25
Category
Article
ISSN
0165-1889

No coin nor oath required. For personal study only.

✦ Synopsis

In a model with agglomeration returns to participation, there exists gains from merging two regions that conduct business in two incompatible languages. Bilingual individuals, translators, integrate these two regions. The speed of integration, creation of the initial translators, depends positively on: the maximum human capital in the two regions, the magnitude of the agglomeration returns, and the population of the larger region. Because the combined regions economize on the number of bilingual individuals, an economy with multiple languages is less productive than an economy with a single language, however, both economies grow at the same rate in the long run.

2001 Elsevier Science B.V. All rights reserved.

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