Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/90736
Authors: 
Førsund, Finn R.
Vislie, Jon
Year of Publication: 
2011
Series/Report no.: 
Memorandum, Department of Economics, University of Oslo 22/2011
Abstract: 
Professor Leif Johansen (1930 - 1982) made significant contributions to a large number of fields in economics. A short survey of his contributions is presented. The main focus in the paper is on his growth - production program constituting an important part of his research. The key concepts are embodied technical change, irreversibility, sunk cost, rigidities and heterogeneity. The impact of these factors on the nature of economic growth at the macro level is the point of departure of gradually disaggragating the level of analysis right down to the individual firm. An important tool for the analysis for dynamic structural change at the industry level is the short-run function capturing the underlying heterogeneity of the technologies of the firms within an industry. Technical rigidities represent constraints on how an economy develops from the level of a single industry up to the aggregated macro level of an economy.
Subjects: 
Dynamic structural change
Heterogeneity
Macroeconomic growth
Short-run industry production function
Technical rigidities
Vintage
JEL: 
C61
D24
D92
E22
E23
Document Type: 
Working Paper

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