A follow-up note on the plausibility of the Leontief and Ghosh closed models

Antonio Manresa and Ferran Sancho

Economic Systems Research, 2020, vol. 32, issue 1, 166-172

Abstract: Herein we consider Leontief and Ghosh models that partly endogenize both part of final demand and part of value-added. We use Osterhaven's [(2012) Adding Supply-driven Consumption Makes the Ghosh Model Even More Implausible. Economic Systems Research, 24, 101–111] numerical three-sector example to show that anomalies of the sort he finds for a Ghosh closed model can also be found in the closed version of a Leontief model. By assuming, as Oosterhaven did, that aggregate exogenous resources are fixed, we obtain mirror results to his in a Ghosh setting, albeit in the more-traditional Leontief instance. Such numerical anomalies for the three-sector case turn out to be generic to both partially closed models for any 2×2 input–output model. A proof for the general n×n case remains to be uncovered.

Date: 2020
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DOI: 10.1080/09535314.2019.1650331

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