MODELS OF THE POSTATTACK ECONOMY.
HUDSON INST INC HARMON-ON-HUDSON N Y
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Some of the limitations of input-output models as they are currently used are summarized. They are static, i.e., a set of steady equilibrium interindustry flow patterns is assumed. The sectors are assumed to be homogeneous, which implies that every component of a sector is indistinguishable and interchangeable with every other component. Interindustry coefficients are usually assumed to be rigidly fixed and independent of supply and demand. All models to date are geographically aggregative. The objective function GNP maximization procedure is usually ambiguous exogenous policy considerations are inextricably mixed up with endogenous demand considerations.
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