Atavistic dynamics in a two-sector economy (Q1321551)
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scientific article; zbMATH DE number 558454
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Atavistic dynamics in a two-sector economy |
scientific article; zbMATH DE number 558454 |
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Atavistic dynamics in a two-sector economy (English)
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28 April 1994
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The paper demonstrates that the market instability can be generated under appropriate restrictions on factor intensities and discounting. When the economy is close to equilibrium, the representative agent may both underemploy labor and invest in capital that is not sustained in equilibrium. This policy pulls the economy away from equilibrium for a significant period of time and is denoted atavistic.
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two-sector economy
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atavistic dynamics
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dynamic competitive equilibrium
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market instability
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discounting
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