Li, Wu (2010): A Study on Dynamic General Equilibrium under the Classical Growth Framework.
This is the latest version of this item.

PDF
MPRA_paper_25882.pdf Download (115kB)  Preview 
Abstract
The equilibrium analyses under the classical growth framework mainly concern production processes so far and the utilitymaximization of consumers is not considered sufficiently. Treating a consumer as a producer of labor or landuse right etc. with a utility parameter, this paper presents equilibrium formulas taking account of the utilitymaximization of consumers, which may facilitate the analysis of dynamic general equilibrium involving both profitmaximizing firms and utilitymaximizing consumers under the classical growth framework. For concreteness, some numerical examples with CobbDouglas production and utility functions are utilized to illustrate the method of the equilibrium analysis involving utilitymaximizing consumers.
Item Type:  MPRA Paper 

Original Title:  A Study on Dynamic General Equilibrium under the Classical Growth Framework 
Language:  English 
Keywords:  dynamic general equilibrium; utility; Sraffian system; von Neumann growth model; land rent 
Subjects:  B  History of Economic Thought, Methodology, and Heterodox Approaches > B5  Current Heterodox Approaches > B51  Socialist; Marxian; Sraffian Q  Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q2  Renewable Resources and Conservation > Q24  Land D  Microeconomics > D5  General Equilibrium and Disequilibrium > D58  Computable and Other Applied General Equilibrium Models C  Mathematical and Quantitative Methods > C6  Mathematical Methods; Programming Models; Mathematical and Simulation Modeling > C67  InputOutput Models 
Item ID:  25882 
Depositing User:  Wu LI 
Date Deposited:  18. Oct 2010 15:15 
Last Modified:  15. Feb 2013 21:45 
References:  Quesnay, F. Quesnay's Tableau Economique [1759]. Edited by M. Kuczynski and R. L. Meek. London: Macmillan, 1972. Marx, K. Capital, vol. II, English translation of Das Kapital, vol. II, edited by F. Engels (Hamburg, Meissner, 1885). Moscow: Progress Publishers, 1956. Leontief, W. “Quantitative InputOutput Relations in the Economic System of the United States”, Review of Economics and Statistics, 18, pp. 105125, 1936. Leontief, W. Structure of the American Economy, 19191929. Cambridge, Mass.: Harvard University Press, 1941. von Neumann, J. “A Model of General Economic Equilibrium”, Review of Economic Studies, 13, pp. 1–9, 1945. Sraffa, P. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press, 1960. Kurz, H. and N. Salvadori. “‘Classical’ Roots of InputOutput Analysis: A Short Account of its Long Prehistory”, Economic Systems Research, 12(2), pp. 153179, 2000. Kurz, H. and N. Salvadori. “Sraffa and von Neumann”, Review of Political Economy, 13(2), pp. 161180, 2001. Kemeny, J. G., O. Morgenstern and G. L. Thompson. “A Generalization of the von Neumann Model of an Expanding Economy”, Econometrica, 24, pp. 115135, 1956. Gale, D. The Theory of Linear Economic Models. New York: McGrawHill, 1960. Dorfman, R., P. A. Samuelson and R. M. Solow. Linear Programming and Economic Analysis. New York: McGrawHill, 1958. McKenzie, L. W. “Turnpike Theorems for a Generalized Leontief Model”, Econometrica, 31, pp. 165180, 1963. McKenzie, L. W. “Turnpike Theory”, Econometrica, 44, pp. 841865, 1976. Dietzenbacher, E. “Perturbations of Matrices: A Theorem on the Perron Vector and its Applications to Inputoutput Models”, Journal of Economics, 48(4), pp. 389412, 1988. Hua, L. “On the Mathematical Theory of Globally Optimal Planned Economic Systems”, Proceedings of the National Academy of Sciences of the United States of America, 81, pp. 65496553, 1984. Zhang, Jinshui. “A Multisector Nonlinear Dynamic InputOutput Model with Human Capital”, Economic Systems Research, 20(2), pp. 223237, 2008. Luenberger, D. Introduction to Dynamic Systems: Theory, Models, and Applications. John Wiley&Sons, 1979. Bidard, C. Prices, Reproduction, Scarcity, Cambridge: Cambridge University Press, 2004. Bidard, C. “General Theory of Rent”. Presented at the International Conference on Production and Distribution, Meiji University, Tokyo, Sept., 2010. Kurz, H. “Rent Theory in a Multisectoral Model”, Oxford Economic Papers, 30(1), pp. 1637, 1978. Salvadori, N. “Land and Choice of Techniques within the Sraffa Framework”, Australian Economic Papers, 25, pp. 94105, 1986. Schefold, B. Mr. Sraffa on Joint Production and Other Essays. London: Unwin & Hyman, 1989. Woods, J. “A Note on Rent”, Oxford Economic Papers, 39, pp. 388411, 1987. Li, W. “A Structural Growth Model and its Applications to Sraffa’s System”. Presented at the 18th International InputOutput Conference, Sydney, downloadable at http://www.iioa.org/Conference/18thdownable%20paper.htm, Jun., 2010. 
URI:  http://mpra.ub.unimuenchen.de/id/eprint/25882 
Available Versions of this Item

A Study on Dynamic General Equilibrium under the Classical Growth Framework. (deposited 01. Oct 2010 00:26)
 A Study on Dynamic General Equilibrium under the Classical Growth Framework. (deposited 18. Oct 2010 15:15) [Currently Displayed]