Li, Wu (2010): A Study on Dynamic General Equilibrium under the Classical Growth Framework.
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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.
|Item Type:||MPRA Paper|
|Original Title:||A Study on Dynamic General Equilibrium under the Classical Growth Framework|
|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 - Input-Output Models
|Depositing User:||Wu LI|
|Date Deposited:||18. Oct 2010 15:15|
|Last Modified:||15. Feb 2013 21:45|
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