Indeterminacy and market instability

Kong Weng Ho () and Nicholas Sim

Economics Bulletin, 2007, vol. 5, issue 1, 1-7

Abstract: This note shows that indeterminacy arising from an economy exhibiting production with social constant returns to scale may be related to the instability of the consumption goods market equilibrium. Furthermore, trade does not contribute to indeterminacy indeterminacy arises becasue each country's equilibrium path is already indeterminate before trade.

JEL-codes: E3 F4 (search for similar items in EconPapers)
Date: 2007-02-18
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Working Paper: Indeterminacy and Market Instability (2007)
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