We study the technological pre-conditions for a cost-minimizing choice of technique in the presence of government emission targets on by- products of production. Whether a by-product is a desirable commodity or an undesirable pollutant is determined endogeneously as part of the price-quantity...

We study the technological pre-conditions for competitive equilibrium in a multisectoral economy where land is an essential imput. Earlier results by Bidard and Salvadori require either very low interest rates or are unable to predict the type of final demand vectors that can be supported by an...

Abstract In a steady-state economy, an interest rate that is larger than the maximum growth rate would lead to an inconsistent price system. We identify a similar condition for a multisectoral economy off the steady state: If persistent inflation is to be avoided, the interest rate must not be...

We study the technological pre-conditions for competitive equilibrium in a multisectoral economy where"land" is an essential imput. Earlier results by Bidard and Salvadori require either very low interest rates or are unable to predict the type of final demand vectors that can be supported by an...

The paper studies an unbalanced multisectoral growth path in which cost-minimizing producers are subjected to a system of differential interest rates. We ask whether such differentials in capital charges are compatible with the existence of competitive equilibrium. In Part I, we study the...

This paper examines the effects of missing markets, heterogeneous pollutants, and the pollution technology of firms on the efficacy of transferable pollution permits. Under the assumption of perfect competition in all markets, we show that if firms can substitute among pollutants, then setting...

Research on the labor market impact of immigration typically relies on a single-good model of production with separable capital. This article discusses theory and evidence that suggest that this standard model is too simple to capture the long-run labor market impact of immigration. A level of...

This study measures the time-period-specific industrial price and output effects of cost-related variables (transportation cost, wage rate, and interest rate) by utilizing the Dynamic Variable Input-Output (VIO) model. The Dynamic Variable Input-Output (VIO) model extends the static single...

Since Leon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the economic system which however remains to this day unobservable. Yet that belief is the corner stone of other theories such as the 'Effi-cient Market Hypothesis' as well as the...

This paper specifies and interprets those direct relations which exist between the dual concepts of complete controllabil-ity/observability (Kalman, 1960), on the one hand, and the con-cept of the regular technique of production (Schefold, 1971), on the other. Specifically, it shows, first, that...