Non-stationary Leontief-Walras economy

• Autorzy: Emil Panek
• Języki publikacji: EN

Abstrakty

EN

An economy's stability, in the traditional sense, is permanently connected with its equilibrium state, since when we speak of a stable (in a local or global sense) economic system, we mean its ability to return to equlibrium after shocks. Such a meaning of stability is senseless in non-stationary economies, since they do not have any invariant states that are synonyms of the equilibria. By the example of Leontief-Walras model we shall show that non-stationarity of an economy does not exclude its stability, and equlibrium is not a sine qua non condition of stable growth. (original abstract)

Słowa kluczowe

EN

Economic equilibrium; Economic models; Computable General Equilibrium model (CGE); Sine qua non condition

PL

Równowaga gospodarcza; Modele ekonomiczne; Obliczeniowy model równowagi ogólnej; Warunek sine qua non

• Czasopismo: The Poznań University of Economics Review
• Rocznik: 2005
• Tom: 5
• Numer: nr 2
• Strony: 67--83

Twórcy

autor

Emil Panek

• Poznań University of Economics, Poland

Bibliografia

• Morishima M. (1964), Equilibrium, Stability and Growth, New York-London, Clarendon Press.
• Panek E. (2000), Mathematical Economics, Wydawnictwo Akademii Ekonomicznej w Poznaniu (in Polish), Poznań.
• Panek E. (2005), On Stable Growth without Equilibrium, Ekonomista, 1/2005 (in Polish).