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  1. 1 Kozgazdasagi Szemle (Economic Review)

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  1. 1 2004

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  1. 1 Brody A.

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The closed dynamic Leontief model. Solutions and interpretations

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Brody A.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 10
924-935
EN
The paper describes three solutions to the closed (homogenous) dynamic model, all leading to an identical growth rate and the same price and quantitative proportions. However, the different operations performed with the data for the current and capital-outlay coefficients mean that the three versions produce dissimilar matrices. Three disparate, but not mutually contradictory economic and theoretical interpretations are possible. It also emerges that calculation of the equilibrium position does not rest on maximization in the case of any of the methods. Efforts to maximize profits or growth depart from the equilibrium path instead of approaching it. For this reason, disproportionate capacities accumulate.
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