On the path-dependence of economic growth
The cumulated growth of an economy during a period of time depends on the whole economical history during this period and not only of the situation at the beginning and at the end of the interval. However, if some constraint is made on the set of possible economies, this phenomenon of history-dependence may disappear. We give a simple necessary and sufficient condition on the constraint for this to happen, generalizing results of Samuelson-Swamy and Hulten. Our approach is different, based on differential and symplectic geometry. We also solve the same question for a subsector of the economy.
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"Aggregation and Market Demand: An Exterior Differential Calculus Viewpoint,"
Economics Papers from University Paris Dauphine
123456789/6427, Paris Dauphine University.
- P. A. Chiappori & I. Ekeland, 1999. "Aggregation and Market Demand: An Exterior Differential Calculus Viewpoint," Econometrica, Econometric Society, vol. 67(6), pages 1435-1458, November.
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