Abstract
Multisector growth models have been increasingly used since the 1980s. The duality between growth models and dynamic general equilibrium models renders the multisector growth model ideal for the analysis of efficient intertemporal resource allocation. This includes renewable and non-renewable natural resources, produced resources such as capital, and land and labour resources. Growth models have been widely used in business cycle theory and in asset pricing theory. They have also been applied to the optimal management of dynamic ecological systems that have an economic component as a part of a complex systems model.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Brock, W.A., Dechert, W.D. (2008). Growth Models, Multisector. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_2093-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_2093-1
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