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Indeterminacy and Market Instability

  • Nicholas C.S. Sim

    (Department of Economics, Boston College, USA)

  • Kong-Weng Ho

    (Division of Economics,School of Humanities and Social Sciences, Nanyang Technological University, Singapore)

This note shows that indeterminacy arising from an economy exhibiting production with social constant returns to scale may be related to the instability of the consumption goods market equilibrium. Furthermore, trade does not contribute to indeterminacy; indeterminacy arises becasue each country’s equilibrium path is already indeterminate before trade.

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File URL: http://www3.ntu.edu.sg/hss2/egc/wp/2007/2007-05.pdf
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Paper provided by Nanyang Technological University, School of Humanities and Social Sciences, Economic Growth Centre in its series Economic Growth Centre Working Paper Series with number 0705.

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Length: 11 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:nan:wpaper:0705
Contact details of provider: Postal: Nanyang Drive, Singapore 637332
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Web page: http://egc.hss.ntu.edu.sg/

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