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Effects of Public Expenditure the production of infrastructure,1 on the performance of the economy, and especially on its growth. The model to be implemented was presented in Chapter 6, and we consider simulations for the case of a stationary population, and thus a stationary labour supply, whose value is . = 100, and for a Cobb–Douglas production function.

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Foundations of Macroeconomic Dynamicshange, and consumption of a large number of commodities. Mere formal description, by means of a mathematical model, of a particular economy at a single point of time, or in a single time period, first proposed by LeonWalras (1874–77), is far from straightforward. However, the “setting in motion” of

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Population Dynamics and the Labour Markets articles and books published on this subject. A very extensive collection of papers on labour is contained in the five volumes titled . (1986–), edited by Ashenfelter et al. Of course, labour is supplied by people, and thus, ceteris paribus, is a function of the number of people in the economy. He

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Production FunctionsConstant Elasticity of Substitution (CES), and fixed coefficients, or Leontief, functions. We should mention also the so called returns to scale. The simplest case to consider in the analysis of macro models, for all types of production functions, is constant returns to scale, i.e. multiplying all i

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Some Determinants of Endogenous Growthfrequently a fraction of income is neither consumed nor directly invested in production, but is invested indirectly in production, i.e. it is devoted to . to improve the productivity of inputs directly entering production.1 Here we want to extend the model presented in Chapter 4 to include the expen

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Public Expenditure and Taxesthe economic sphere. On the one hand governments raise taxes from citizens and firms, while on the other they supply public goods which very often, but not always, are essential to everyday economic activity. By way of example, we can mention the supply of services such as education, public health,