RESWITCHING AS A CAUSE OF INSTABILITY OF INTERTEMPORAL EQUILIBRIUM

Bertram Schefold

Metroeconomica, 2005, vol. 56, issue 4, 438-476

Abstract: It is generally recognized that the paradoxes of capital, of which reswitching is the most striking example, are a reason to question the existence of aggregate production functions. It is here shown that they affect intertemporal general equilibrium as well as causes of instabilities.

Date: 2005
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