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The Adjustment Property

Christian Bidard () and Guido Erreygers ()

Economic Systems Research, 1998, vol. 10, issue 1, 3-18

Abstract: An input-output (IO) system which is capable of producing any semi-positive net product by an adequate choice of the activity levels of its processes satisfies the 'adjustment' property. We analyze under which conditions the adjustment property holds for IO systems in which some produced goods have a purely intermediate character. The peculiarity of these pure capital goods is that final demand for them is identically zero. One of the ways to deal with this type of system is to eliminate the pure capital goods, by means of vertical integration.

Keywords: Input-output systems; fixed capital; vertical integration; non-substitution (search for similar items in EconPapers)
Date: 1998
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