Chapter

Equilibrium Growth (II) Hicks‐Malinvaud Trajectories

Michio Morishima

in Theory of Economic Growth

Published in print December 1969 | ISBN: 9780198281641
Published online November 2003 | e-ISBN: 9780191596667 | DOI: http://dx.doi.org/10.1093/0198281641.003.0008
 Equilibrium Growth (II) Hicks‐Malinvaud Trajectories

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Devoted to establishing the existence of competitive equilibrium paths of various orders, and looks in particular at the Hicks–Malinvaud equilibrium growth path. The different sections cover temporary equilibrium and its conditions (the Lindahl–Hicks sequence of temporary equilibria), the responses of entrepreneurs and the custodian in a pseudo‐economy, the proof of existence of a temporary equilibrium, the non‐singularity and non‐triviality of the equilibrium, savings equals investment in the ‘ex ante’ and the ‘ex post’ sense, equilibrium of order T and its existence and non‐triviality, perfect foresight of the future and eternal equilibrium.

Keywords: competitive equilibrium; competitive equilibrium paths; economic growth; entrepreneurs; equilibrium growth; equilibrium order; equilibrium order T; eternal equilibrium; J. R. Hicks; Hicks–Malinvaud equilibrium growth path; investment; E. Lindahl; Lindahl–Hicks sequence of temporary equilibria; E. Malvinaud; savings; temporary equilibrium

Chapter.  13488 words. 

Subjects: Economic Development and Growth

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