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The number and type of long-term equilibria. (English) Zbl 1010.91513
Summary: We consider a balanced-growth model with finitely many processes, a uniform rate of profits, and a given composition of final demand. Two types of equilibria are distinguished, “black” and “white”: the color of an equilibrium is defined by the relative sign of two determinants associated with the operated methods, and can be interpreted as a local property of a cross-dual dynamic process. Under standard economic assumptions, and flukes apart, the number of white equilibria exceeds that of black equilibria by one. In particular the total number of long-term equilibria is odd.
MSC:
91B50 General equilibrium theory
91B62 Economic growth models
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