Purpose: The purpose of this paper is to explore the manner in which the degree of substitutability between public and private health expenditures contributes towards the distribution of wealth and political economy outcomes in the long run. Design/methodology/approach: An overlapping...

Purpose: The purpose of this paper is to explore the properties of the variable elasticity of substitution (VES) production function, and examine the dynamics of growth associated with it. Design/methodology/approach: The VES production function is incorporated into an otherwise standard...