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The Structure of the American Economy

Author

Listed:
  • Eric O'N. Fisher
  • Kathryn G. Marshall

Abstract

We explore the relationship between input-output accounts and the national revenue function. The generalized inverse of an economy’s technology matrix carries information relating changes in endowments with changes in outputs; its transpose relates output prices and factor prices. Our primary theoretical contribution is to derive an economy’s revenue function for an arbitrary Leontief technology. Our main empirical contribution is to compute the national revenue function for the American economy in 2003 and to describe its properties. We implement our ideas using two different models: one where all factors are mobile and another with capital specific to each sector in the economy.
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Suggested Citation

  • Eric O'N. Fisher & Kathryn G. Marshall, 2011. "The Structure of the American Economy," Review of International Economics, Wiley Blackwell, vol. 19(1), pages 15-31, February.
    • Handle: RePEc:bla:reviec:v:19:y:2011:i:1:p:15-31
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    Cited by:

    1. Ana Maria Montoya Gómez, 2020. "From Fossil Fuels to Renewables: Studies on the Effects of Resource Endowments and Climate Policy on Economic Outcomes," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 90, July.
    2. Eric O’N. Fisher & Kathryn G. Marshall, 2016. "Leontief was not right after all," Journal of Productivity Analysis, Springer, vol. 46(1), pages 15-24, August.
    3. Baoping Guo, 2024. "Leontief Paradox vs. Leontief Trade and Localized Factor Prices vs. Localized Trade Patterns," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 30(1), pages 83-105, February.
    4. Sebastian Benz & Mario Larch & Markus Zimmer, 2014. "The Structure of Europe: International Input–Output Analysis with Trade in Intermediate Inputs and Capital Flows," Review of Development Economics, Wiley Blackwell, vol. 18(3), pages 461-474, August.

    More about this item

    JEL classification:

    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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