外部性与重工业优先发展 |
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摘 要: |
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Externalities and development of heavy industry |
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Authors: | Yang Yao Dongya Zheng |
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Institution: | (1) China Center of Economic Research, Peking University, Beijing, 100871, China |
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Abstract: | In the framework of a dynamic general equilibrium model, this paper studies how vertical externalities affect the development
of heavy industry in a developing economy. The model is comprised of an intermediate and a consumer product sector. The production
of both types of goods has pecuniary externalities as they are featured by increasing return to scale. However, the production
of an intermediate product has an additional advantage to have externalities through its technological linkage with the production
of consumer goods. This is related to the nature of the roundabout production of consumer goods: a larger number of intermediate
products lead to higher productivity in the production of consumer goods than do more inputs of a fixed number of intermediate
products. Therefore, private investment in the intermediate sector is below the social optimal level. Government subsidies
can restore the economy to the social optimum, but they become less needed as the consumer sector grows larger and the advantage
of the intermediate good sector diminishes.
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Translated from Nankai Jingji Yanjiu 南开经济研究 (Nankai Economic Studies), 2007, (2): 3–19 |
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Keywords: | technological externalities pecuniary externalities heavy-industry development strategy |
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