ADDING SUPPLY-DRIVEN CONSUMPTION MAKES THE GHOSH MODEL EVEN MORE IMPLAUSIBLE

Jan Oosterhaven

51 citations0/0 files storedEconomic Systems Research

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Economic Theory and Policy Political Economy and Marxism Russia and Soviet political economy

Abstract

Guerra and Sancho (2011) Guerra, A.-I. and Sancho, F. 2011. Revisiting the Original Ghosh Model: Can It Be Made More Plausible?. Economic Systems Research, 23: 319–328. [Taylor & Francis Online], [Web of Science ®] , [Google Scholar] argue that adding a supply-driven consumption function to the Ghosh model diminishes its implausibility in the case of centrally planned economies. Extending the Leontief model with a demand-driven consumption function does make that model more realistic. Extending the Ghosh model, however, makes it even more implausible in the case of a market economy, while it becomes even more problematic as a guide for a centrally planned economy. The prime reason is that complementarities between inputs are negated, not only for firms, but now also for households. Consequently, industry and aggregate output may now increase, while corresponding value added decreases, and vice versa.

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References

2009Input-Output Analysis 1936Quantitative Input and Output Relations in the Economic Systems of the United States 2012Environment and Planning 1958Input-Output Approach in an Allocation System 1997In Vindication of the Ghosh Model: A Reinterpretation as a Price Model 1988ON THE PLAUSIBILITY OF THE SUPPLY‐DRIVEN INPUT‐OUTPUT MODEL 20192. Elements of Input-Output Analysis 1966The Elements of Input-Output Analysis.

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