MARKET ECONOMIES WITH AN ENDOGENOUS SOCIAL DIVISION OF LABOR

• 成果类型: Article
• 署名作者: Gilles, Robert P.
• 署名单位: Queens University Belfast
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12369
• 发表日期: 2019
• 页码: 821-849
• 关键词: increasing returns; core; specialization; equilibria; extent

摘要

I consider a general equilibrium model of a competitive market economy in which production is conducted through an endogenous social division of labor. I represent economic decision makers as consumer-producers, who consume as well as produce commodities. In this approach, the emergence of a nontrivial social division of labor is guided by Increasing Returns to Specialization (IRSpec) in production. Under IRSpec, I show existence of competitive equilibria, the two fundamental theorems of welfare economics, and characterize these equilibria. Markets equilibrate through the adjustment of the social division of labor; the production technologies completely determine the equilibrium prices.