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Walrasian General Equilibrium Allocations and Dynamics in Two-Sector Growth Models

In: The Elements and Dynamic Systems of Economic Growth and Trade Models

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  • Bjarne S. Jensen

    (University of Southern Denmark (SDU))

Abstract

This chapter analyzes and solves miniature Walrasian general equilibriumGeneral equilibriumgeneral equilibrium systems of momentary and moving equilibria. The Walrasian framework encompasses the fundamental neoclassical and classical two-sector growth models; the families of solutions of steady-state and persistent growth per capita in various competitive two-sector economies are parametrically characterized. Moreover, the endogenous behavior of relative price and the sectorial allocation of primary factors are analyzed in detail. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. A review of the literature complements the theorems on the general equilibriumGeneral equilibriumgeneral equilibrium allocations, dynamic systems, and the time paths of Walrasian two-sector economies.

Suggested Citation

  • Bjarne S. Jensen, 2025. "Walrasian General Equilibrium Allocations and Dynamics in Two-Sector Growth Models," Springer Books, in: The Elements and Dynamic Systems of Economic Growth and Trade Models, edition 0, chapter 0, pages 481-516, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-52493-6_17
    DOI: 10.1007/978-3-031-52493-6_17
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