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Pareto Efficiency, Relative Prices, and Solutions to CGE Models

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  • Bjarne S. Jensen
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    Abstract

    This paper analyzes Walrasian general equilibrium systems and calculates the static and dynamic solutions for competitive market equilibria. The Walrasian framework encompasses the basic multi-sector growth (MSG) models with neoclassical production technologies in N sectors (industries). The endogenous behavior of all relative prices and the sectorial allocation of the two primary factors (labor and capital) are analyzed in detail. The dynamic systems of Walrasian multi-sector economies and the family of solutions (time paths) for steady-state and persistent growth per capita are parametrically characterized. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. Brief comments on the MSG literature are offered, together with short remarks on studies of industrial (structural) evolution and economic history.

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    Bibliographic Info

    Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c009_006.

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    Length: 32 pages
    Date of creation: Jun 2004
    Date of revision:
    Handle: RePEc:deg:conpap:c009_006

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    1. Piyabha Kongsamut & Sergio Rebelo & Danyang Xie, 1997. "Beyond Balanced Growth," NBER Working Papers 6159, National Bureau of Economic Research, Inc.
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    13. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521319867, October.
    14. Jensen, Bjarne S & Wang, Chunyan, 1999. "Basic Stochastic Dynamic Systems of Growth and Trade," Review of International Economics, Wiley Blackwell, vol. 7(3), pages 378-402, August.
    15. Parente, Stephen L & Prescott, Edward C, 1994. "Barriers to Technology Adoption and Development," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 298-321, April.
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