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Proportions, Growth and Cycles between Constant and Non-Constant Returns to Scale

In: Prices, Growth and Cycles

Author

Listed:
  • Maurizio Ciaschini

Abstract

One of the main features which characterizes current production processes is that of non-constant returns to scale. While this feature is generally accepted in theoretical analysis, it fails to generate any effective applied instruments for multi-sectoral modelling. This fact may be due to the popularity of the constant returns to scale hypothesis, and in particular to the high reputation of the Leontief assumptions. In fact, these provide both an operational framework for production accounts and a clear-cut derivation of sectoral input requirements functions from actual data. Nevertheless, they also induce the erroneous view that a dynamic multisectoral model is explosive (i.e. highly unstable) outside its balanced growth path.

Suggested Citation

  • Maurizio Ciaschini, 1997. "Proportions, Growth and Cycles between Constant and Non-Constant Returns to Scale," Palgrave Macmillan Books, in: András Simonovits & Albert E. Steenge (ed.), Prices, Growth and Cycles, chapter 11, pages 200-217, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25275-6_11
    DOI: 10.1007/978-1-349-25275-6_11
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