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Output Dynamics, Flow Equilibria and Structural Change – A Prolegomenon to Evolutionary Macroeconomics

  • Ulrich Witt

    ()

  • Thomas Brenner

In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A.Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new variables for the West German manufacturing sector during the German unification process allows some important new insights on the relationships between structural change and macroeconomic performance.

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Paper provided by Philipps University Marburg, Department of Geography in its series Papers on Economics and Evolution with number 2007-12.

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Date of creation: Nov 2007
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Handle: RePEc:esi:evopap:2007-12
Contact details of provider: Postal: Deutschhausstrasse 10, 35032 Marburg
Phone: 064212824257
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Web page: http://www.uni-marburg.de/fb19/
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  1. Hayek, Friedrich A. von, 1984. "Der Strom der Güter und Leistungen," Beiträge zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen;Walter Eucken Institut, Freiburg, Germany, edition 1, volume 101, number urn:isbn:9783163447882, June.
  2. Jan Fagerberg & Bart Verspagen & Marjolein Cani�ls, 1997. "Technology, Growth and Unemployment across European Regions," Regional Studies, Taylor & Francis Journals, vol. 31(5), pages 457-466.
  3. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804, March.
  4. Metcalfe, John S. & Foster, John & Ramlogan, Ronnie, 2003. "Adaptive Economic Growth," Centre on Regulation and Competition (CRC) Working papers 30637, University of Manchester, Institute for Development Policy and Management (IDPM).
  5. Marie Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(1), pages 1-27, 02.
  6. Amendola, Mario & Gaffard, Jean Luc & Saraceno, Francesco, 2005. "Technical progress, accumulation and financial constraints: is the productivity paradox really a paradox?," Structural Change and Economic Dynamics, Elsevier, vol. 16(2), pages 243-261, June.
  7. Foster, John & Wild, Phillip, 1999. "Econometric Modelling in the Presence of Evolutionary Change," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 749-70, November.
  8. Bart Los & Bart Verspagen, 2006. "The Evolution Of Productivity Gaps And Specialization Patterns," Metroeconomica, Wiley Blackwell, vol. 57(4), pages 464-493, November.
  9. Ulrich Witt & Guang-Zhen Sun, 2002. "Myopic Behavior and Cycles in Aggregate Output - A Note on the Role of Correlated Quantity Adjustments," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 222(3), pages 366-376.
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