Multiple Sectors and Heterogeneous Households

Wei-Bin Zhang

Chapter 6 in Economic Growth with Income and Wealth Distribution, 2006, pp 248-274 from Palgrave Macmillan

Abstract: Abstract The Walrasian system is a beautiful theory. Nevertheless, its success is mainly limited to short-run economic phenomena. It is important to introduce endogenous wealth accumulation, population growth, and knowledge creation and utilization into this structurally beautiful system. As pointed out in Chapter 1, the traditional growth theories are not effective in analyzing economic systems with heterogeneous households and economic structures. The previous chapter studied one-sector group models of heterogeneous groups. It is a natural step to combine the main ideas of the previous two chapters to examine economic dynamics with multiple sectors and heterogeneous households. This chapter examines multi-sector growth models with homogeneous population.

Keywords: Human Capital; Wage Rate; Disposable Income; Preference Change; Wealth Distribution (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50633-6_6

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DOI: 10.1057/9780230506336_6

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