A note on application of Miyazawa’s multiplier to multisector model of evolutionary economics

Tsutomu Yoshioka ()
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Tsutomu Yoshioka: Toyo University

Evolutionary and Institutional Economics Review, 2023, vol. 20, issue 2, No 12, 483-494

Abstract: Abstract This paper aims to show one of the ways of introducing income distribution into the model of evolutionary economics presented by Shiozawa et al. (Microfoundations of evolutionary economics. Springer Japan, Tokyo, 2019). We use Miyazawa’s income distribution model to extend the model of evolutionary economics. An input–output model developed by Miyazawa includes the household sector as an endogenous sector. His model enables us to examine the circular flow between production, distribution, and expenditure. An increase in expenditure will induce additional production, which in turn will generate new income, and this income will stimulate consumption. Since the model developed by Shiozawa et al. (2019) and the input–output model both can analyse the production process and consider the adoption of a single production technique by a firm, Miyazawa’s model can be applied to the model of evolutionary economics. To use Miyazawa’s model, we focus on the simplest case in Shiozawa et al. (2019). This paper shows how Miyazawa’s model can be used to incorporate the impact of income distribution into the model of evolutionary economics.

Keywords: Multisector model; Income distribution; Miyazawa’s model; Input–output analysis (search for similar items in EconPapers)
JEL-codes: D31 D33 D57 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40844-023-00258-8

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