Dynamic Micro-Macro Market Coordination and Technical Change

Arbeitspapier

This paper discusses the nature of macro productivity change from the perspective of a Schumpeterian micro-to-macro (M-M) model. It emphasizes the dynamics of resource allocation through markets (firms) where agents are both price and quantity setters. We find that the organization of market processes (the market regime) is important for the rate of total factor productivity change at aggregate levels . This is especially so when relative prices are shifty as a consequence of the ongoing market process and markets, notably the capital markets, are in disequilibrium.

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• Language: Englisch

References and Relationships

• Bibliographic citation: Series: IUI Working Paper ; No. 139

Classification and Topics

• Classification: Wirtschaft ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Structure, Scope, and Performance of Government ; Economic Growth and Aggregate Productivity: General
• Subject: Role of goverment ; macro productivity ; micro-to-macro model ; technological change ; Ökonometrisches Makromodell ; Marktmechanismus ; Technischer Fortschritt ; Produktivität

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Eliasson, Gunnar
• Event: Veröffentlichung
• (who): The Research Institute of Industrial Economics (IUI)
• (where): Stockholm
• (when): 1985

Further information

• Handle: http://hdl.handle.net/10419/94876