Dynamic Micro-Macro Market Coordination and Technical Change
AbstractThis 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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Bibliographic InfoPaper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 139.
Length: 61 pages
Date of creation: May 1985
Date of revision:
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Role of goverment; macro productivity; micro-to-macro model; technological change;
Find related papers by JEL classification:
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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