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Spatial dynamics and equilibrium in applied economic modelling
Umeå University, Faculty of Social Sciences, Centre for Regional Science (CERUM). Umeå University, Faculty of Social Sciences, Department of Economics.
1989 (English)Report (Other academic)
Abstract [en]

Applied modeling of multisector adjustment has, since the input-output model was introduced, become a standard tool in economics. A number of optimization and equilibrium models with different temporal formulations have emanated around the input- output system. However, the effects of heterogeneity with regard to demand patterns and located production factors as well as the causality in economic development are often inappropriately modeled.

In the paper, we discuss the above problems in relation to applied equilibrium models. Equilibrium analysis is here introduced as an adiabatic approximation of a complex dynamic system. Hence, separation of processes according to their time scales, as suggested by the slaving principle, is crucial. Finally, we emphasize the close connection between heterogeneity and dynamic performance.

Place, publisher, year, edition, pages
Umeå: Umeå universitet , 1989. , 30 p.
, Arbetsrapport från CERUM, ISSN 0282-7727 ; 1989:4
National Category
URN: urn:nbn:se:umu:diva-85168OAI: diva2:691927

Ingår även i serien: Functions and interactions across regional networks, nr 18

Available from: 2014-01-29 Created: 2014-01-29 Last updated: 2014-01-29Bibliographically approved

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Westin, Lars
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