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Homothetic Multi-Sector Growth Models

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

Author

Listed:
  • Bjarne S. Jensen

    (University of Southern Denmark (SDU))

Abstract

Multi-sector growth (MSG) models have a special aura which is shared with computable general equilibrium (CGE) models. Both of them, with their many sectors (industries and goods), are known as trying to convert Walrasian general equilibrium systems from an abstract economy representation into workable models with industrial structures changing as actually observed. Yet they are plagued by severe problems. First, they are difficult subjects involving systems of nonlinear equations. Second, their prevalent numerical (algorithmic) methodology offers little in the way of showing a clear overall picture and understanding the plethora of numbers pouring out from model simulations. The great wood is not seen for all the trees. Hence, the main objective is to set out comparative static and dynamic systems for succinctly stating and explicitly solving MSG models. The Walrasian general equilibrium is completely stated by one equation and the multi-sector dynamics by one differential equation. Benchmark solutions are shown for three CES (constant elasticity of substitution) parameter regimes of a ten-sector general equilibrium model.

Suggested Citation

  • Bjarne S. Jensen, 2025. "Homothetic Multi-Sector Growth Models," Springer Books, in: The Elements and Dynamic Systems of Economic Growth and Trade Models, edition 0, chapter 0, pages 557-585, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-52493-6_19
    DOI: 10.1007/978-3-031-52493-6_19
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