Tracing externalities as sources of indeterminacy
| Autor: | Sharon G. Harrison, Mark Weder |
|---|---|
| Rok vydání: | 2002 |
| Předmět: |
Economics and Econometrics
Control and Optimization Returns to scale General equilibrium theory Sunspots Applied Mathematics Interpretation (philosophy) Investment (macroeconomics) Increasing returns Indeterminacy Indeterminacy (literature) Multisector models Economies of scale Microeconomics Capital (economics) Economics Externality |
| Zdroj: | Harrison, S G & Weder, M 2002, ' Tracing externalities as sources of indeterminacy ', Journal of Economic Dynamics and Control, vol. 26, no. 5, pp. 851-867 . https://doi.org/10.1016/S0165-1889(00)00085-3 |
| ISSN: | 0165-1889 |
| DOI: | 10.1016/s0165-1889(00)00085-3 |
| Popis: | This paper offers further inquiry into sources of indeterminacy in general equilibrium. We take a more agnostic approach than previous work as we allow for a more general interpretation of externalities. In particular, we identify the origin of scale economies as being from either labor or capital. We find that in the one-sector model it is primarily the externalities associated with labor that generate the result. However, in the two-sector model, indeterminacy can be ultimately traced back to the externalities from capital in the investment sector. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|
Full Text from ScienceDirect