The concept of sector

Christian Bidard and Guido Erreygers

Working Papers from University of Antwerp, Faculty of Business and Economics

Abstract: 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)
Pages: 29 pages
Date: 1999-09
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Persistent link: https://EconPapers.repec.org/RePEc:ant:wpaper:1999024

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