Marx's reproduction schemes and multi-sector growth models
In: The European journal of the history of economic thought, Band 25, Heft 5, S. 859-892
ISSN: 1469-5936
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In: The European journal of the history of economic thought, Band 25, Heft 5, S. 859-892
ISSN: 1469-5936
In: Journal of economics, Band 86, Heft S1, S. 17-56
ISSN: 1617-7134
In: Research Policy, Band 46, Heft 7, S. 1340-1359
The 1960s were the glorious age of large-scale, "economy-wide" macroeconometric models, which enabled forecasts and simulations of the quantitative effects of certain policy changes within systems of simultaneous equations. This paper is concerned (1) with the form and character of the kind of knowledge these models brought about; and (2) with the ways in which these models shaped the practices, objects, and the very notion of macroeconomic planning. The concepts of bricolage and infrastructure help to account for the continuous reciprocal shaping of mathematical techniques, empirical data, bits of economic theory, institutional arrangements, the aims and hopes of economic planning, images and visions of "the economy", and the practical requirements and affordances of computing technologies. The paper traces the movements and changes of the multi-sector growth model, constructed by the Norwegian economist and communist Leif Johansen, from its publication in 1960 to its implementation in national macroeconomic planning and its wider circulation from the mid-1970s on. In Norway, it became one component of a "system of models," which, far from simply being a passive "tool for decision making," structured bureaucratic procedures, and formatted the basic concepts of policies. Both in and outside Norway, it showed a certain resilience: when Keynesian macroeconometric models encountered widespread criticism, the multi-sector growth model was further remodeled, adapted to new scenarios, and built into easily applicable software packages. Its basic design, however, remained compact and consolidated economic key assumptions. Under the label of "computable general equilibrium models," it prepares the ground for a whole variety of policies until today - regardless of their political frameworks.
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In: The Center for the History of Political Economy Working Paper Series Working Paper No. 2017-07
SSRN
Working paper
In: The Economic Journal, Band 74, Heft 295, S. 660
In: Journal of economics, Band 115, Heft 1, S. 73-93
ISSN: 1617-7134
In: Journal of economic dynamics & control, Band 25, Heft 8, S. 1179-1191
ISSN: 0165-1889
In: CEP discussion paper 750
In: Journal of development economics, Band 51, Heft 2, S. 315-325
ISSN: 0304-3878
JEL classification codes: O41, O47 ; We analyze the transitional dynamics of a model with heterogeneous consumption goods. In this model, convergence is driven by two different forces: the typical diminishing returns to capital and the sectoral change inducing the variation in relative prices. We show that this second force affects the growth rate if the two consumption goods are not Edgeworth independent and if these two goods are pro- duced with technologies exhibiting different capital intensities. Because the afore- mentioned dynamic sectoral change arises only under heterogeneous consumption goods, the transitional dynamics of this model exhibits striking differences with the growth model with a single consumption good. We also show that these differences in the transitional dynamics can give raise to large discrepancies in the welfare cost of shocks between the economy with a unique consumption good and the economy with multiple consumption goods. ; Financial support from the Government of Spain through grants ECO2009-09847, ECO2009- 06953 and ECO2008-02752; PR2009-0162 and SM2009-0001; the Generalitat of Catalonia through the Barcelona GSE Research Network and grants SGR2009-00350 and SGR2009-1051; and the Xunta de Galicia through grant 10PXIB300177PR is gratefully acknowledged. Alonso-Carrera also thanks the Research School of Economics (Australian National University) for its hospitality. Caballé also thanks the nancial support from the ICREA Academia program. ; Peer reviewed
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In: Structural change and economic dynamics, Band 28, S. 25-42
ISSN: 1873-6017
In: Metroeconomica, Band 70, Heft 3, S. 488-524
SSRN
In: Economica, Band 33, Heft 132, S. 500