Output dynamics, flow equilibria and structural change—A prolegomenon to evolutionary macroeconomics

Witt, Ulrich and Brenner, Thomas,(2008), Output dynamics, flow equilibria and structural change—A prolegomenon to evolutionary macroeconomics. , J Evol Econ, UNSPECIFIED

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Abstract

In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A. Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new variables for the West German manufacturing sector during the German unification process allows some important new insights on the relationships between structural change and macroeconomic performance
Keywords : Macroeconomics . Structural change . Disequilibrium dynamics . Flow equilibrium . Business cycle, UNSPECIFIED
Journal or Publication Title: J Evol Econ
Volume: 18
Number: UNSPECIFIED
Item Type: Article
Subjects: Ekonomi Pembangunan
Depositing User: Elok Inajati
Date Deposited: 20 Dec 2019 07:25
Last Modified: 20 Dec 2019 07:25
URI: https://repofeb.undip.ac.id/id/eprint/577

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