Equilibrium in the Production Process of a Two-Sector Model of the New Economy

Germinal Van ()

MPRA Paper from University Library of Munich, Germany

Abstract: The purpose of this paper is to provide a mathematical framework to investigate the method through which an equilibrium is met between two economic sectors. The equilibrium process being discussed in this paper focuses essentially on the production process of the goods and services in each sector within an economy that has been affected by COVID-19. This mathematical model helps explaining how two economic sectors reach an equilibrium when their production methods are significantly different and when they do not produce at the same pace. This paper is purely theoretical and does not concern itself with empirical verification.

Keywords: Mathematical Economics; Economic Theory; Production Theory; Input-Output Analysis; General Equilibrium Theory; Differential Calculus (search for similar items in EconPapers)
JEL-codes: C02 C20 D51 D57 D58 (search for similar items in EconPapers)
Date: 2021-03
New Economics Papers: this item is included in nep-ore
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:106569

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