A Study on Dynamic General Equilibrium under the Classical Growth Framework
AbstractThe equilibrium analyses under the classical growth framework mainly concern production processes so far and the utility-maximization of consumers is not considered sufficiently. Treating a consumer as a producer of labor or land-use right etc. with a utility parameter, this paper presents equilibrium formulas taking account of the utility-maximization of consumers, which may facilitate the analysis of dynamic general equilibrium involving both profit-maximizing firms and utility-maximizing consumers under the classical growth framework. For concreteness, some numerical examples with Cobb-Douglas production and utility functions are utilized to illustrate the method of the equilibrium analysis involving utility-maximizing consumers.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 25540.
Date of creation: 29 Sep 2010
Date of revision:
dynamic general equilibrium; utility; Sraffian system; von Neumann growth model; land rent;
Find related papers by JEL classification:
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
- C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-10-09 (All new papers)
- NEP-DGE-2010-10-09 (Dynamic General Equilibrium)
- NEP-UPT-2010-10-09 (Utility Models & Prospect Theory)
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