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A Study on Dynamic General Equilibrium under the Classical Growth Framework

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  • Li, Wu

Abstract

The equilibrium analyses under the classical growth framework mainly concern production processes so far and the utility-maximization of consumers is not considered sufficiently. Treating a consumer as a producer of labor or land-use right etc. with a utility parameter, this paper presents equilibrium formulas taking account of the utility-maximization of consumers, which may facilitate the analysis of dynamic general equilibrium involving both profit-maximizing firms and utility-maximizing consumers under the classical growth framework. For concreteness, some numerical examples with Cobb-Douglas production and utility functions are utilized to illustrate the method of the equilibrium analysis involving utility-maximizing consumers.

Suggested Citation

  • Li, Wu, 2010. "A Study on Dynamic General Equilibrium under the Classical Growth Framework," MPRA Paper 25540, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:25540
    as

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    File URL: https://mpra.ub.uni-muenchen.de/25882/1/MPRA_paper_25882.pdf
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    References listed on IDEAS

    as
    1. Lionel W. McKenzie, 2012. "turnpike theory," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
    2. Salvadori, Neri, 1986. "Land and Choice of Techniques within the Sraffa Framework," Australian Economic Papers, Wiley Blackwell, vol. 25(46), pages 94-105, June.
    3. Heinz Kurz & Neri Salvadori, 2001. "Sraffa and von Neumann," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 161-180.
    4. Jin Shui Zhang, 2008. "A Multi-sector Nonlinear Dynamic Input-Output Model with Human Capital," Economic Systems Research, Taylor & Francis Journals, vol. 20(2), pages 223-237.
    5. Heinz Kurz & Neri Salvadori, 2000. "'Classical' Roots of Input-Output Analysis: A Short Account of its Long Prehistory," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 153-179.
    6. Kurz, Heinz D, 1978. "Rent Theory in a Multisectoral Model," Oxford Economic Papers, Oxford University Press, vol. 30(1), pages 16-37, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    dynamic general equilibrium; utility; Sraffian system; von Neumann growth model; land rent;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models

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