文章基本信息

标题：Breaking Say’s law in a simple market economy model
其他标题：Breaking Say’s law in a simple market economy model
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作者：Carlos Humberto Ortiz Quevedo ; Rodrigo Castillo Rentería
期刊名称：Cuadernos de Economía
印刷版ISSN：2248-4337
出版年度：2020
卷号：39
期号：81
页码：897-918
DOI：10.15446/cuad.econ.v39n81.70883
出版社：Universidad Nacional de Colombia - Facultad de Ciencias Económicas
摘要：This paper analyses a multi-sector market economy where preferences are non-homothetic and satiable. Capital and labour are the production factors. Food and manufactured goods are produced with a constant-returns-to-scale technology and an increasing-returns-to-scale technology, respectively. Results include: an original capital accumulation process is required for manufacturing industrialization to take place, a minimum market size is needed for the economy to operate, and capital property concentration diminishes aggregate demand. Full general equilibrium is possible for intermediate degrees of capital concentration, but the price system collapses under high degrees as an economy regulator, labour unemployment is unavoidable, and a minimum wage is justified to enhance economic activity.
关键词：Palabras clave Extent of the market; capital property distribution; non-homothetic preferences; satiable preferences; increasing returns; economic activity