General equilibrium dynamics of multi-sector growth models

Bjarne Jensen () and Mogens Larsen ()

Journal of Economics, 2005, vol. 86, issue 1, 17-56

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 inN 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. Copyright Springer-Verlag 2005

Keywords: pareto effiency; walrasian equilibria; factor accumulation; F11; F43; O40; O41 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (23)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:jeczfn:v:86:y:2005:i:1:p:17-56

DOI: 10.1007/BF03051799

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