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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- P. A. Chiappori & I. Ekeland, 1999.
"Aggregation and Market Demand: An Exterior Differential Calculus Viewpoint,"
Econometric Society, vol. 67(6), pages 1435-1458, November.
- Chiappori, Pierre-André & Ekeland, Ivar, 1999. "Aggregation and Market Demand: An Exterior Differential Calculus Viewpoint," Economics Papers from University Paris Dauphine 123456789/6427, Paris Dauphine University.
- Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
- Samuelson, Paul A & Swamy, S, 1974. "Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis," American Economic Review, American Economic Association, vol. 64(4), pages 566-93, September.
- Hulten, Charles R, 1973. "Divisia Index Numbers," Econometrica, Econometric Society, vol. 41(6), pages 1017-25, November.
- Hillinger, Claude, 1970. "Comment on Invariance Axioms and Economic Indexes," Econometrica, Econometric Society, vol. 38(5), pages 773-74, September.
- Sato, Kazuo, 1976. "The Meaning and Measurement of the Real Value Added Index," The Review of Economics and Statistics, MIT Press, vol. 58(4), pages 434-42, November.
- Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, June.
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