The concept of sector
Christian Bidard () and
Guido Erreygers ()
Working Papers from University of Antwerp, Faculty of Business and Economics
We generalize the concept of industry, which stems from the analysis of single-product economies, to that of sector. The sector concept can be applied to economies with or without joint-product processes and pure capital goods. A ‘sectoral economy’ is an economy characterized by the ‘super-adjustment’ property: any strictly viable subset of methods can adapt itself to an arbitrary final demand. Given a few additional asumptions, the competitive prices are minimal in a sectoral economy, so that the subset of competitive methods is uniquely defined and the non-substitution property holds.
Keywords: Linear models of production; Joint production; Fixed capital; Non-substitution (search for similar items in EconPapers)
JEL-codes: D51 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ant:wpaper:1999024
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