ECONOMIC PERFORMANCE THROUGH TIME: A GENERAL EQUILIBRIUM MODEL

Wenli Cheng and Xiaonan Zhao

No 01/08, Monash Economics Working Papers from Monash University, Department of Economics

Abstract: This paper presents a simple general equilibrium model of economic performance through time. The model incorporates 4 main determinants of economic performance: technology, capital investment, the division of labor and institutions. It demonstrates that growth is not automatic even with technological progress. In order to maintain economic growth, it is important to continuously implement new technologies through capital investment. It also shows that institutional improvement promotes the social division of labour, which is an independent source of economic growth.

Keywords: economic growth; savings and investment; transaction costs; division of labor; financial and production institutions (search for similar items in EconPapers)
JEL-codes: D92 O10 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2008-02-01
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Journal Article: ECONOMIC PERFORMANCE THROUGH TIME: A GENERAL EQUILIBRIUM MODEL (2008)
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