Economic Performance Through Time: A General Equilibrium Model
AbstractThis paper presents a simple general equilibrium model of economic performance through time. The model incorporates four main determinants of economic performance: technology, capital investment, the division of labor and quality of 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 labor, which is an independent source of economic growth.
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Bibliographic InfoArticle provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.
Volume (Year): 03 (2008)
Issue (Month): 01 ()
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Web page: http://www.worldscinet.com/dltc/dltc.shtml
Other versions of this item:
- Wenli Cheng & Xiaonan Zhao, 2008. "Economic Performance Through Time: A General Equilibrium Model," Monash Economics Working Papers 01/08, Monash University, Department of Economics.
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D - Microeconomics
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- F - International Economics
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
- F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
- F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
- J2 - Labor and Demographic Economics - - Demand and Supply of Labor
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
- L - Industrial Organization
- O - Economic Development, Technological Change, and Growth
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