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Output Dynamics, Flow Equilibria and Structural Change – A Prolegomenon to Evolutionary Macroeconomics

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Author Info
U. Witt ()
T. Brenner ()

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Abstract

In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A.Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new variables for the West German manufacturing sector during the German unification process allows some important new insights on the relationships between structural change and macroeconomic performance.

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Publisher Info
Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2007-12.

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Date of creation: Nov 2007
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Handle: RePEc:esi:evopap:2007-12

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Keywords: Length 15 pages;

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Find related papers by JEL classification:
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
E00 - Macroeconomics and Monetary Economics - - General - - - General
E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bart Los & Bart Verspagen, 2006. "The Evolution Of Productivity Gaps And Specialization Patterns," Metroeconomica, Blackwell Publishing, vol. 57(4), pages 464-493, November. [Downloadable!] (restricted)
    Other versions:
  2. Fagerberg, Jan & Verspagen, Bart, 2002. "Technology-gaps, innovation-diffusion and transformation: an evolutionary interpretation," Research Policy, Elsevier, vol. 31(8-9), pages 1291-1304, December. [Downloadable!] (restricted)
    Other versions:
  3. Jan Fagerberg, Bart Verspagen, Marjolein Caniëls, 1997. "Technology, Growth and Unemployment across European Regions," Regional Studies, Taylor and Francis Journals, vol. 31(5), pages 457-466, July. [Downloadable!] (restricted)
  4. Amendola, Mario & Gaffard, Jean Luc & Saraceno, Francesco, 2005. "Technical progress, accumulation and financial constraints: is the productivity paradox really a paradox?," Structural Change and Economic Dynamics, Elsevier, vol. 16(2), pages 243-261, June. [Downloadable!] (restricted)
  5. Marie Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(1), pages 1-27, 02. [Downloadable!] (restricted)
  6. J. Stan Metcalfe & John Foster & Ronnie Ramlogan, 2006. "Adaptive economic growth," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 7-32, January. [Downloadable!] (restricted)
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  7. Foster, John & Wild, Phillip, 1999. "Econometric Modelling in the Presence of Evolutionary Change," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 749-70, November.
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