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A Study on Dynamic General Equilibrium under the Classical Growth Framework

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  • Li, Wu
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Abstract

The 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 25540.

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Date of creation: 29 Sep 2010
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Handle: RePEc:pra:mprapa:25540

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Keywords: dynamic general equilibrium; utility; Sraffian system; von Neumann growth model; land rent;

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  1. Heinz Kurz & Neri Salvadori, 2001. "Sraffa and von Neumann," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(2), pages 161-180.
  2. L. W. McKenzie, 2010. "Turnpike Theory," Levine's Working Paper Archive 1389, David K. Levine.
  3. Salvadori, Neri, 1986. "Land and Choice of Techniques within the Sraffa Framework," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 25(46), pages 94-105, June.
  4. Kurz, Heinz D, 1978. "Rent Theory in a Multisectoral Model," Oxford Economic Papers, Oxford University Press, vol. 30(1), pages 16-37, March.
  5. Heinz Kurz & Neri Salvadori, 2000. "'Classical' Roots of Input-Output Analysis: A Short Account of its Long Prehistory," Economic Systems Research, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(2), pages 153-179.
  6. Jin Shui Zhang, 2008. "A Multi-sector Nonlinear Dynamic Input-Output Model with Human Capital," Economic Systems Research, Taylor & Francis Journals, Taylor & Francis Journals, vol. 20(2), pages 223-237.
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