The Generalized Input-Output Model
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The following model is closely related to the input-output model, but of a more general specification; it admits for joint complementary outputs as well as for alternative processes. We will discuss this model in terms of a particular industrial establishment, a factory. But this ‘factory’ may also be the whole national economy, where final outputs are evaluated as sales. In that case we obtain a planning model for a completely centralized economy.
KeywordsFinal Output Finished Metal Efficiency Frontier Full Employment Allocation Model
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