Economics, Econometrics and Finance
4 years ago

New economic model predicts wealth accumulation in diverse markets.

Business and Economic Research
An Integration of Neoclassical Growth Theory and Economic Structural Change with Monopolistic Competition Theory
Wei‐Bin Zhang

Paper Summary

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The article combines neoclassical growth theory with monopolistic competition theory to study how wealth accumulation affects economic growth. The researchers created a model that includes different types of markets and household behavior. By integrating these theories, they found a unique equilibrium point through simulation and analyzed how changes in parameters affect the model.