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Market Economies With An Endogenous Social Division Of Labor

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  • Robert P. Gilles

Abstract

I consider a general equilibrium model of a competitive market economy in which production is conducted through an endogenous social division of labor. I represent economic decision makers as “consumer–producers,” who consume as well as produce commodities. In this approach, the emergence of a nontrivial social division of labor is guided by Increasing Returns to Specialization (IRSpec) in production. Under IRSpec, I show existence of competitive equilibria, the two fundamental theorems of welfare economics, and characterize these equilibria. Markets equilibrate through the adjustment of the social division of labor; the production technologies completely determine the equilibrium prices.

Suggested Citation

  • Robert P. Gilles, 2019. "Market Economies With An Endogenous Social Division Of Labor," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(2), pages 821-849, May.
    • Handle: RePEc:wly:iecrev:v:60:y:2019:i:2:p:821-849
    DOI: 10.1111/iere.12369
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    Cited by:

    1. Chiara Donnini & Marialaura Pesce, 2023. "Fairness and formation rules of coalitions," International Journal of Economic Theory, The International Society for Economic Theory, vol. 19(4), pages 933-960, December.
    2. Gilles, Robert P. & Pesce, Marialaura & Diamantaras, Dimitrios, 2020. "The provision of collective goods through a social division of labour," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 287-312.

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