Output Dynamics, Flow Equilibria and Structural Change – A Prolegomenon to Evolutionary Macroeconomics
AbstractIn an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A.Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new variables for the West German manufacturing sector during the German unification process allows some important new insights on the relationships between structural change and macroeconomic performance.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2007-12.
Date of creation: Nov 2007
Date of revision:
Find related papers by JEL classification:
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- E00 - Macroeconomics and Monetary Economics - - General - - - General
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-12-08 (All new papers)
- NEP-EVO-2007-12-08 (Evolutionary Economics)
- NEP-MAC-2007-12-08 (Macroeconomics)
- NEP-PKE-2007-12-08 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bart Los & Bart Verspagen, 2006.
"The Evolution Of Productivity Gaps And Specialization Patterns,"
Wiley Blackwell, vol. 57(4), pages 464-493, November.
- Los, Bart & Verspagen, Bart, 2002. "The evolution of productivity gaps and specialization patterns," CCSO Working Papers 200301, University of Groningen, CCSO Centre for Economic Research.
- Los, Bart & Verspagen, Bart, 2006. "The evolution of productivity gaps and specialization patterns," Open Access publications from Maastricht University urn:nbn:nl:ui:27-18022, Maastricht University.
- Amendola, Mario & Gaffard, Jean Luc & Saraceno, Francesco, 2005. "Technical progress, accumulation and financial constraints: is the productivity paradox really a paradox?," Structural Change and Economic Dynamics, Elsevier, vol. 16(2), pages 243-261, June.
- Marie Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(1), pages 1-27, 02.
- Fagerberg, Jan & Verspagen, Bart & Caniels, Marjolein, 1997.
"Technology, Growth and Unemployment across European Regions,"
Open Access publications from Maastricht University
urn:nbn:nl:ui:27-18067, Maastricht University.
- Jan Fagerberg & Bart Verspagen & Marjolein Cani�ls, 1997. "Technology, Growth and Unemployment across European Regions," Regional Studies, Taylor and Francis Journals, vol. 31(5), pages 457-466.
- Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
- J. Stan Metcalfe & John Foster & Ronnie Ramlogan, 2006.
"Adaptive economic growth,"
Cambridge Journal of Economics,
Oxford University Press, vol. 30(1), pages 7-32, January.
- Metcalfe, John S. & Foster, John & Ramlogan, Ronnie, 2003. "Adaptive Economic Growth," Centre on Regulation and Competition (CRC) Working papers 30637, University of Manchester, Institute for Development Policy and Management (IDPM).
- Foster, John & Wild, Phillip, 1999. "Econometric Modelling in the Presence of Evolutionary Change," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 749-70, November.
- Hayek, Friedrich A. von, 1984. "Der Strom der Güter und Leistungen," Beiträge zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen & Walter Eucken Institut, Freiburg, Germany, edition 1, volume 101, number urn:isbn:9783163447882.
- John Foster, 2011. "Evolutionary macroeconomics: a research agenda," Journal of Evolutionary Economics, Springer, vol. 21(1), pages 5-28, February.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Karin Serfling).
If references are entirely missing, you can add them using this form.