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Equilibrium and Disequilibrium in a Disaggregated Classical Model

In: Prices, Growth and Cycles

Author

Listed:
  • László Halpern
  • György Molnár

Abstract

Between 1985 and 1989 we made an extensive investigation (Halpern and Molnár, 1985, 1989) of Bródy’s well-known stationary model.1 Our aim was to analyze the structural relations of the Hungarian economy and to reveal the interindustry aspects of the development preferences of economic policy. We modelled the structural relations of the economy in such a way that the structure of equilibrium was simultaneously determined from the production-accumulation side and the price-income side, taking into account the most important consistency relations between these two sides. As a matter of fact, with the help of the flow and stock input matrices of interindustry relations we first determined the model’s equilibrium structure of prices and outputs. This ensured uniform accumulation to a fixed asset ratio, growth rate and profit rate by industries.

Suggested Citation

  • László Halpern & György Molnár, 1997. "Equilibrium and Disequilibrium in a Disaggregated Classical Model," Palgrave Macmillan Books, in: András Simonovits & Albert E. Steenge (ed.), Prices, Growth and Cycles, chapter 8, pages 149-160, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25275-6_8
    DOI: 10.1007/978-1-349-25275-6_8
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