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Dynamic Micro-Macro Market Coordination and Technical Change

Author

Listed:
  • Eliasson, Gunnar

    (Research Institute of Industrial Economics (IFN))

Abstract

This paper discusses the nature of macro productivity change from the perspective of a Schumpeterian micro-to-macro (M-M) model. It emphasizes the dynamics of resource allocation through markets (firms) where agents are both price and quantity setters. We find that the organization of market processes (the market regime) is important for the rate of total factor productivity change at aggregate levels . This is especially so when relative prices are shifty as a consequence of the ongoing market process and markets, notably the capital markets, are in disequilibrium.

Suggested Citation

  • Eliasson, Gunnar, 1985. "Dynamic Micro-Macro Market Coordination and Technical Change," Working Paper Series 139, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:0139
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    More about this item

    Keywords

    Role of goverment; macro productivity; micro-to-macro model; technological change;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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