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The Substitution Theorem

In: Input–Output Economics: Theory And Applications Featuring Asian Economies

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  • Thijs ten Raa

Abstract

The substitution theorem states that an economy with many commodities, but only one factor input (say labor), will not substitute inputs (commodities or labor) when final demand changes. This Note drops the assumption that all activities require some labor input and constructs the dominant technology.

Suggested Citation

  • Thijs ten Raa, 2009. "The Substitution Theorem," World Scientific Book Chapters, in: Input–Output Economics: Theory And Applications Featuring Asian Economies, chapter 11, pages 181-186, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812833679_0011
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