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Title:Output dynamics, flow equilibria and structural change: a prolegomenon to evolutionary macroeconomics PDF Logo
Authors:Witt, Ulrich
Brenner, Thomas
Issue Date:2007
Series/Report no.:Papers on economics and evolution 0712
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.
JEL:B52
D50
E00
E11
E32
Document Type:Working Paper
Appears in Collections:Papers on Economics and Evolution, MPI für Ökonomik

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