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Theory of Economic Growth$
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Michio Morishima

Print publication date: 1969

Print ISBN-13: 9780198281641

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198281641.001.0001

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Walras‐Type Model of Match‐Box Size

Walras‐Type Model of Match‐Box Size

Chapter:
(p.3) I Walras‐Type Model of Match‐Box Size
Source:
Theory of Economic Growth
Author(s):

Michio Morishima

Publisher:
Oxford University Press
DOI:10.1093/0198281641.003.0001

Introduces multi‐sectoral growth analysis. Mainly devoted to examining a Walrasian general equilibrium model of capital formation on the smallest possible scale. It is assumed that the economy concerned consists of many firms that are classified into two industries: the consumption‐good industry and the capital‐good industry. It is also assumed (as Walras and Leontief assumed) that there is no possibility of joint production: the consumption‐good industry only produces the consumption goods and the capital‐good industry only the capital goods (later in the book this assumption is shown to be undesirable). The remaining parts of the chapter give further mathematical treatment of the existence of short‐run equilibrium, its uniqueness, its Pareto optimality, and the investment function implied—a neoclassical growth.

Keywords:   economic growth, general equilibrium models, investment, multisectoral growth analysis, neoclassical economics, Pareto optimality, short‐run equilibrium, L. Walras, Walrasian model of capital formation

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