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On the "Equilibrium Production Possibility Frontier", Factors Substitutability and the Irrelevance of Returns to Scale for the Emergence of Local Indeterminacies in Multi-Sectoral Economies

Author

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  • Drugeon, J.P.

Abstract

It is argued that the large debate which had organised in the recent period about the nature of returns to scale and the associated area of local indeterminacies within competitive economies was misplaced as soon as the environment encompassed more than one good. This is established through the introduction of an "equilibrium production possibility frontier" whose features can be characterised at the same level of generality as the canonical formulation of the production possibility frontier.

Suggested Citation

  • Drugeon, J.P., 2000. "On the "Equilibrium Production Possibility Frontier", Factors Substitutability and the Irrelevance of Returns to Scale for the Emergence of Local Indeterminacies in Multi-Sectoral Economies," Papiers d'Economie Mathématique et Applications 2000.125, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:fth:pariem:2000.125
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    Citations

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    Cited by:

    1. Alain Venditti, 2003. "Altruism and Determinacy of Equilibria in Overlapping Generations Models with Externalities," The Japanese Economic Review, Japanese Economic Association, vol. 54(2), pages 179-202, June.
    2. Bian, Yong & Meng, Qinglai, 2004. "Preferences, endogenous discount rate, and indeterminacy in a small open economy model," Economics Letters, Elsevier, vol. 84(3), pages 315-322, September.
    3. Nishimura, Kazuo & Venditti, Alain, 2002. "Intersectoral Externalities and Indeterminacy," Journal of Economic Theory, Elsevier, vol. 105(1), pages 140-157, July.
    4. Drugeon, Jean-Pierre, 2008. "On intersectoral asymmetries in factors substitutability, "Equilibrium Production Possibility Frontiers" and the emergence of indeterminacies," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 277-315, February.

    More about this item

    Keywords

    PRODUCTION ; EXTERNALITIES ; ENVIRONMENT;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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