From Macro Growth to Disaggregated Production Studies
AbstractProfessor Leif Johansen (1930 – 1982) made significant contributions to a large number of fields in economics. A short survey of his contributions is presented. The main focus in the paper is on his growth – production program constituting an important part of his research. The key concepts are embodied technical change, irreversibility, sunk cost, rigidities and heterogeneity. The impact of these factors on the nature of economic growth at the macro level is the point of departure of gradually disaggragating the level of analysis right down to the individual firm. An important tool for the analysis for dynamic structural change at the industry level is the short-run function capturing the underlying heterogeneity of the technologies of the firms within an industry. Technical rigidities represent constraints on how an economy develops from the level of a single industry up to the aggregated macro level of an economy.
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Bibliographic InfoPaper provided by Oslo University, Department of Economics in its series Memorandum with number 22/2011.
Length: 72 pages
Date of creation: 14 Sep 2011
Date of revision:
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Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Web page: http://www.oekonomi.uio.no/indexe.html
More information through EDIRC
Dynamic structural change; Heterogeneity; Macroeconomic growth; Short-run industry production function; Technical rigidities; Vintage;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Financing, Investment, and Capacity
- E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- E23 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Production
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