General Equilibrium Dynamics of Multi-sector Growth Models

Bjarne S. Jensen ()
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Bjarne S. Jensen: University of Southern Denmark (SDU)

Chapter Chapter 18 in The Elements and Dynamic Systems of Economic Growth and Trade Models, 2025, pp 517-555 from Springer

Abstract: Abstract This chapter 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 aspects on the studies of industrial (structural) evolution and economic history.

Keywords: CES technologies; Multi-sector allocation; Pareto efficiency; CES preferences; Walrasian equilibria; Dynamics; Evolution; Balanced growth; Persistent growth (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-52493-6_18

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DOI: 10.1007/978-3-031-52493-6_18

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