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Equilibrium, Stability and Growth

Michio Morishima

Published in print March 1963 | ISBN: 9780198281450
Published online November 2003 | e-ISBN: 9780191596650 | DOI: http://dx.doi.org/10.1093/0198281455.001.0001
Equilibrium, Stability and Growth

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This book brings together papers that were published by the author in several journals, and which have been revised and contain some new material. The main model carried through the whole book is Leontief's input–output system, which is dynamized from various points of view. Chapter 1 discusses formal similarities between the exchange equilibrium under weak gross substitutability and the static input–output system. Chapter 2 is concerned with the stability of the mixed Walras–Leontief system. Chapters 3 and 4 are companion chapters dealing with a mixture of the dynamic Leontief system and the Walrasian model of capital formation. Chapters 5 and 6 are devoted to an analysis of the von Neumann model of economic expansion, which may be considered as a variant of the dynamic Leontief system. Finally, an Appendix generalizes the classical theorems on non‐negative matrices to systems of non‐linear and homogeneous functions.

Keywords: capital formation; economic expansion; economic growth; equilibrium; exchange equilibrium; homogeneous functions; input–output; Leontief models; Leontief's input–output system; multisectoral analysis; negative matrices; non‐linear functions; stability; substitutability; von Neumann model; Walrasian model of capital formation; Walras–Leontief system

Book.  240 pages.  Illustrated.

Subjects: Economic Development and Growth

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Stability Analysis of the Walras–Leontief System in Equilibrium, Stability and Growth

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