The Substitution Theorem

Thijs ten Raa

Chapter 11 in Input–Output Economics: Theory and Applications:Featuring Asian Economies, 2009, pp 181-186 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe substitution theorem states that an economy with many commodities, but only one factor input (say labor), will not substitute inputs (commodities or labor) when final demand changes. This Note drops the assumption that all activities require some labor input and constructs the dominant technology.

Keywords: Input–Output Analysis; National Accounts; Productivity; Performance; Canadian Economy; Chinese Economy; Indian Economy; Asian Economics (search for similar items in EconPapers)
Date: 2009
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