General equilibrium dynamics of multi-sector growth models
| Autor: | Mogens Esrom Larsen, Bjarne S. Jensen |
|---|---|
| Rok vydání: | 2005 |
| Předmět: |
Economics and Econometrics
General equilibrium theory jel:F43 pareto effiency walrasian equilibria factor accumulation Capital good Relative price General Business Management and Accounting jel:F11 Ligevægtsteori Vækstteori Microeconomics jel:O41 Generel ligevægtsteori jel:O40 Capital (economics) Per capita Economics Perfect competition Production (economics) Public finance |
| Zdroj: | Journal of Economics. 86:17-56 |
| ISSN: | 0931-8658 |
| DOI: | 10.1007/bf03051799 |
| Popis: | This paper analyzes Walrasian general equilibrium systems and calculates the static and dynamic solutions for competitive market equilibria. The Walrasian framework encompasses the basic multi-sector growth (MSG) models with neoclassical production technologies in N sectors (industries). The endogenous behavior of all the relative prices are analyzed in detail, as are sectorial allocations of the primary factors, labor and capital. Dynamic systems of Walrasian multi-sector economies and the family of solutions (time paths) for steady-state and persistent growth per capita are parametrically characterized. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. Brief comments are offered on the MSG literature, together with apects on the studies of industrial (structural) evolution and economic history. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|