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General Equilibrium Dynamics of Multi-sector Growth Models

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

Author

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  • Bjarne S. Jensen

    (University of Southern Denmark (SDU))

Abstract

This chapter analyzes Walrasian general equilibrium systems and calculates the static and dynamic solutions for competitive market equilibria. The Walrasian framework encompasses the basic multi-sector growth (MSG) models with neoclassical production technologies in N sectors (industries). The endogenous behavior of all the relative prices are analyzed in detail, as are sectorial allocations of the primary factors, labor and capital. Dynamic systems of Walrasian multi-sector economies and the family of solutions (time paths) for steady-state and persistent growth per capita are parametrically characterized. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. Brief comments are offered on the MSG literature, together with aspects on the studies of industrial (structural) evolution and economic history.

Suggested Citation

  • Bjarne S. Jensen, 2025. "General Equilibrium Dynamics of Multi-sector Growth Models," Springer Books, in: The Elements and Dynamic Systems of Economic Growth and Trade Models, edition 0, chapter 0, pages 517-555, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-52493-6_18
    DOI: 10.1007/978-3-031-52493-6_18
    as

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