The concept of sector

Christian BIDARD () and Erreygers G.

Working Papers from University of Antwerp, Faculty of Applied Economics

Abstract: We generalize the concept of industry, which stems from the analysis of single-product economies, to that of sector. The sector concept can be applied to economies with or without joint-product processes and pure capital goods. A ‘sectoral economy’ is an economy characterized by the ‘super-adjustment’ property: any strictly viable subset of methods can adapt itself to an arbitrary final demand. Given a few additional asumptions, the competitive prices are minimal in a sectoral economy, so that the subset of competitive methods is uniquely defined and the non-substitution property holds.

Date: 1999-09

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Persistent link: http://EconPapers.repec.org/RePEc:ant:wpaper:1999024

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