Abstract
This paper provides a brief exposition of the direct equilibrium approach and related attraction-regulated dynamics, as applied to a spatial production and exchange economy. The approach is specified as direct because after introduction of utility functions in price-quantity space, economic equilibrium is established by appeal to the individual rationality principle without the intermediary of market demand functions. The type of dynamics adequate to this direct equilibrium approach was introduced by Dejon and Graef (1983), and by Dejon (1983), at the San Miniato NATO Institute entitled ‘Evolving Geographical Structures,’ as attraction—regulated dynamics. The so-called passive attraction-regulated form of migration laws is particularly suited to revealing the relationship that exists between a direct equilibrium and stationarity.
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© 1986 Martinus Nijhoff Publishers, Dordrecht
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Dejon, B. (1986). Modelling an Economy in Space and Time: The Direct Equilibrium Approach With Attraction-Regulated Dynamics. In: Griffith, D.A., Haining, R.P. (eds) Transformations Through Space and Time. NATO ASI Series, vol 29. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-4430-5_12
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DOI: https://doi.org/10.1007/978-94-009-4430-5_12
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