Industrialization under perfect foresight: a world economy with a continuum of countries

Article Abstract:

An international trade model that incorporates differences in rate of time choices and the existence of labor population that consists of more than one generation among countries is discussed. Likewise incorporated in the model is the concept of industrialization which is seen as a gradual process and is characterized by a shift in the allocation of labor to more productive sectors. Industrialization is found to be easier among countries with lower time preference assuming a perfect equilibrium situation.

International trade, Industrial development, Industrialization

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The real value of money under endogenous beliefs

Article Abstract:

A model of overlapping generations assumes that trust in fiat money changes over time. The model shows a stochastic summation of the bubble on money and illustrates endogenous growth of confidence as balances increase. Also, the level of inefficiency is inversely proportional to the degree of confidence. Substitutability causes instability, but endogenous belief in the value of money can rise nevertheless.

Money

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Sequential indeterminacy in production economies

Article Abstract:

Intertemporal general equilibrium models are discussed with reference to the sequential regularity concept that covers endogenous economies as well. The problem of indeterminate economies, nevertheless, arises under circumstances characterized by a surfeit of limitations and a lack of activities. This equilibrial indeterminacy usually arises when endowments are contained in a measure-zero set.

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