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Dynamic Micro-Macro Market Coordination and Technical Change

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  • Eliasson, Gunnar

    (Research Institute of Industrial Economics (IFN))

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    Abstract

    This paper discusses the nature of macro productivity change from the perspective of a Schumpeterian micro-to-macro (M-M) model. It emphasizes the dynamics of resource allocation through markets (firms) where agents are both price and quantity setters. We find that the organization of market processes (the market regime) is important for the rate of total factor productivity change at aggregate levels . This is especially so when relative prices are shifty as a consequence of the ongoing market process and markets, notably the capital markets, are in disequilibrium.

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    File URL: http://www.ifn.se/wfiles/wp/wp139.pdf
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    Bibliographic Info

    Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 139.

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    Length: 61 pages
    Date of creation: May 1985
    Date of revision:
    Handle: RePEc:hhs:iuiwop:0139

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    Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
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    Related research

    Keywords: Role of goverment; macro productivity; micro-to-macro model; technological change;

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