The theoretical input-output system with flexible technological coefficients based on the two-stage level CES-type production function

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1990
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Han, Han
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Arnold M. Faden
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Abstract

An economy is a complex organizational system. In such an economic system, the various economic factors (behaviors) have influences on or are affected by the economic phenomena through causal interactions of the price-resource mechanism. In other words, the economic phenomena vary in response to the various economic behaviors, and vice versa. They are interdependent in an economic system;Under such an interdependent economic system, a method of systematically analyzing the interrelationships among the economic behaviors is the input-output analysis (system). The system of input-output analysis was first developed by W. W. Leontief on the bases of both Quesnay's Tableau Economique idea (scheme) and Walras's general equilibrium framework. And the Leontief input-output system has been utilized by many economists since Leontief's development of it;However, such an input-output system has the following characteristics. First, it uses the most rigid type of production function--the so called Marx-Leontief production function. Second, as a result of it, it utilizes the fixed (or constant) input-output coefficients which cannot reflect the factor substitution effects occurring in the production processes in prices and outputs;The purpose of this study thus develops the theoretical input-output system with flexible technological coefficients based on the two-stage level CES-type production function which can reflect the effects of factor substitution, technology improvement, and relative price in an economy. In addition, on the basis of that theoretical input-output system, the economic effects of the change in the exogenous economic variable such as the world (international) market prices of the imported materials (e.g., oil) on the prices of outputs, the equilibrium outputs, and the domestic resource allocations in a small importing country.

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Mon Jan 01 00:00:00 UTC 1990