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- Title
General equilibrium dynamics of multi-sector growth models.
- Authors
Jensen, Bjarne; Larsen, Mogens
- Abstract
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.
- Subjects
ECONOMIC equilibrium; LABOR; INDUSTRIAL organization (Economic theory); ECONOMIC structure; CAPITAL
- Publication
Journal of Economics, 2005, Vol 86, p17
- ISSN
0931-8658
- Publication type
Article
- DOI
10.1007/BF03051799