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Stability of a Dynamic Input-Output System

In: Readings in the Theory of Growth

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  • D. W. Jorgenson

Abstract

Cumulative processes of inflation and changes in relative prices have been almost entirely neglected in discussions of the theory of economic growth. The neglect of relative prices may be attributed to the restriction of theoretical analysis to models involving only a single commodity, national output The neglect of inflation and deflation is a consequence of confining analysis to equilibrium situations such as Harrod-Domar1 steady growth equilibrium or the Cassell-vonNeumann evenly progressing economy.2 While a study of the behavior of an economic system in equilibrium must be part of any complete theory of economic growth, the analysis of the inter-relationship of inflation and growth requires in addition a theory of disequilibrium describing the cumulative processes of expansion and contraction, inflation and deflation, which characterize the behavior of decentralized economic systems.

Suggested Citation

  • D. W. Jorgenson, 1971. "Stability of a Dynamic Input-Output System," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 20, pages 264-275, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15430-2_20
    DOI: 10.1007/978-1-349-15430-2_20
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    Cited by:

    1. Antoine Mandel & Vipin Veetil, 2020. "The Economic Cost of COVID Lockdowns: An Out-of-Equilibrium Analysis," Economics of Disasters and Climate Change, Springer, vol. 4(3), pages 431-451, October.
    2. Luciano Boggio, 1993. "On local relative stability. With special reference to economic applications," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 16(1), pages 3-15, March.
    3. Keshab Bhattarai & Sushanta K. Mallick, 2015. "Macroeconomic policy coordination in the global economy: VAR and BVAR-DSGE analyses," Working Paper series 15-01, Rimini Centre for Economic Analysis.
    4. Chatzarakis, Nikolaos & Tsaliki, Persefoni & Tsoulfidis, Lefteris, 2022. "Does the Labour Theory of Value Explain Economic Growth? A Modern Classical View," MPRA Paper 112824, University Library of Munich, Germany.
    5. Luciano Boggio, 1995. "On Relative Stability and the Coordination Problem in Market Economies," Revue Économique, Programme National Persée, vol. 46(6), pages 1445-1459.
    6. Weijiang Liu & Tingting Liu & Yangyang Li & Min Liu, 2021. "Recycling Carbon Tax under Different Energy Efficiency Improvements: A CGE Analysis of China," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    7. Biao Huang, 2018. "An exhaustible resources model in a dynamic input–output framework: a possible reconciliation between Ricardo and Hotelling," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 7(1), pages 1-24, December.

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