Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/31827 
Year of Publication: 
2007
Series/Report no.: 
Papers on Economics and Evolution No. 0712
Publisher: 
Max Planck Institute of Economics, Jena
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

Files in This Item:
File
Size
541.49 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.