Teaching / MERG

Multisector models: equilibrium, dynamics, stability, and structural change

Autumn 2026

Time: Wednesdays, 2–4:30 p.m. (Beijing time).

Venue: 明国0206.

Reading list (PDF)

Balanced growth and convergence

  1. von Neumann, John (1945). A Model of General Economic Equilibrium. The Review of Economic Studies. 13(1): 1–9. DOI.

  2. Kemeny, John G. and Morgenstern, Oskar and Thompson, Gerald L. (1956). A Generalization of the von Neumann Model of an Expanding Economy. Econometrica. 24(2): 115–135. DOI.

  3. Morishima, Michio (1963). Equilibrium, Stability and Growth: A Multi-Sectoral Analysis. Clarendon Press. Chapter V and mathematical appendix. DOI.

  4. Morishima, Michio (1974). Marx in the Light of Modern Economic Theory. Econometrica. 42(4): 611–632. Section 3: the transformation problem and Markov convergence. DOI.

  5. Tsukui, Jinkichi (1966). Turnpike Theorem in a Generalized Dynamic Input-Output System. Econometrica. 34(2): 396–407. DOI. Companion reading: Morishima, Michio (1963). Equilibrium, Stability and Growth: A Multi-Sectoral Analysis. Clarendon Press. Chapter VI. DOI.

Nonlinear technologies and stability

  1. Morishima, Michio (1963). Equilibrium, Stability and Growth: A Multi-Sectoral Analysis. Clarendon Press. Chapter II: stability of the Walras–Leontief system. DOI.

  2. Morishima, Michio (1963). Equilibrium, Stability and Growth: A Multi-Sectoral Analysis. Clarendon Press. Chapter III: neoclassical production functions. DOI.

  3. Morishima, Michio (1963). Equilibrium, Stability and Growth: A Multi-Sectoral Analysis. Clarendon Press. Chapter IV: alternative techniques. DOI.

  4. Krause, Ulrich (1986). Perron's Stability Theorem for Non-Linear Mappings. Journal of Mathematical Economics. 15(3): 275–282. DOI.

Competition, capital mobility, and adjustment

  1. Nikaido, Hukukane (1985). Dynamics of Growth and Capital Mobility in Marx's Scheme of Reproduction. Zeitschrift für Nationalökonomie / Journal of Economics. 45(3): 197–218. DOI.

  2. Flaschel, Peter and Semmler, Willi (1986). The Dynamic Equalization of Profit Rates for Input-Output Models with Fixed Capital. Competition, Instability, and Nonlinear Cycles. 275: 1–34. DOI.

  3. Flaschel, Peter and Semmler, Willi (1987). Classical and Neoclassical Competitive Adjustment Processes. The Manchester School. 55(1): 13–37. DOI. Companion reading: Flaschel, Peter (2010). Topics in Classical Micro- and Macroeconomics: Elements of a Critique of Neoricardian Theory. Springer. Chapter 15. DOI.

  4. Flaschel, Peter (1991). Stability—Independent of Economic Structure? A Prototype Analysis. Structural Change and Economic Dynamics. 2(1): 9–35. DOI. Companion reading: Flaschel, Peter (2010). Topics in Classical Micro- and Macroeconomics: Elements of a Critique of Neoricardian Theory. Springer. Chapter 14. DOI.

  5. Duménil, Gérard and Lévy, Dominique (1991). Micro Adjustment Toward Long-Term Equilibrium. Journal of Economic Theory. 53(2): 369–395. DOI.

  6. Franke, Reiner (1986). A Cross-Over Gravitation Process in Prices and Inventories. Competition, Instability, and Nonlinear Cycles. 275: 51–82. DOI.

  7. Flaschel, Peter (2010). Topics in Classical Micro- and Macroeconomics: Elements of a Critique of Neoricardian Theory. Springer. Chapter 16: Composite Classical and Keynesian Adjustment Processes. DOI.

Structural change and integrated models

  1. Duménil, Gérard and Lévy, Dominique (1995). Structural Change and Prices of Production. Structural Change and Economic Dynamics. 6(4): 397–434. DOI.

  2. Kiedrowski, Roman (2018). Profit Rates Equalization and Balanced Growth in a Multi-Sector Model of Classical Competition. Journal of Mathematical Economics. 77: 39–53. DOI.