The concept of sector
AbstractWe generalize the concept of industry, which stems from the analysis of single-product economies, to that of sector. The sector concept can be applied to economies with or without joint-product processes and pure capital goods. A ‘sectoral economy’ is an economy characterized by the ‘super-adjustment’ property: any strictly viable subset of methods can adapt itself to an arbitrary final demand. Given a few additional asumptions, the competitive prices are minimal in a sectoral economy, so that the subset of competitive methods is uniquely defined and the non-substitution property holds.
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Bibliographic InfoPaper provided by University of Antwerp, Faculty of Applied Economics in its series Working Papers with number 1999024.
Length: 29 pages
Date of creation: Sep 1999
Date of revision:
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