Price-Output Dynamics and Returns to Scale

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/2368 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/2368 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/2368 archive 351 disk0/00/00/23/39 2016-01-15 01:53:57 2021-08-27 17:11:33 2016-01-15 01:53:57 monograph show 2 Heal G. AL0741 Price-Output Dynamics and Returns to Scale pub iis_ecn iis_met prog_ind I consider the dynamics of an economy where prices move in response to excess demand, and outputs change according to the difference between price and cost. If there are economies of scale in production, these adjustment processes lead the economy to one of two regimes. In one regime, output, productivity, and profits all rise, while prices fall. In the other, output, productivity, and profits all fall, while prices rise. Depending on initial conditions which are policy-amenable, the economy moves to self-reinforcing growth, or to stagflation. An exogenous shock, such as a rise in the price of an imported input or a sharp restriction of demand, may transfer a previously healthy economy from the growth-with-price-stability regime to the stagflationary regime. 1983-09 published CP-83-043 CP-83-043 1950 public collaborative_paper IIASA, Laxenburg, Austria 13 FALSE info:eu-repo/semantics/book