Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 5 Number 2 pp. 67-83

Emil Panek



; University of Economics, Poland

Non-stationary Leontief-Walras economy

Abstract: An economy's stability, in the traditional sense, is permanently connected with its equilibrium state, since when we speak of a stable (in a local or global sense) economic system, we mean its ability to return to equlibrium after shocks. Such a meaning of stability is senseless in non-stationary economies, since they do not have any invariant states that are synonyms of the equilibria. By the example of Leontief-Walras model we shall show that non-stationarity of an economy does not exclude its stability, and equlibrium is not a sine qua non condition of stable growth. (original abstract)
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Keywords: Economic equilibrium, Economic models, Computable General Equilibrium (CGE), Równowaga gospodarcza, Modele ekonomiczne, Model równowagi ogólnej

For citation:

MLA Panek, Emil. "Non-stationary Leontief-Walras economy." Economics and Business Review EBR 5.2 (): 67-83.
APA , (). Non-stationary Leontief-Walras economy. Economics and Business Review EBR 5(2), 67-83
ISO 690 PANEK, Emil. Non-stationary Leontief-Walras economy. Economics and Business Review EBR, , 5.2: 67-83.