A Theory of Interregional Dynamics: Models of Capital, by Wei-Bin Zhang

By Wei-Bin Zhang

Over greater than centuries the advance of financial idea has created a wide range of other theories, techniques and effects. however, there is not any common thought, which mrifies those diversified theories right into a finished one. Economics has been cut up among partial and conflicting representations of the functioning of marketplace economies. we have now a set of separate theories comparable to the Marxian economics, the Keynesian economics, the overall equilibrium conception, and the neoclassical progress idea. those various monetary theories have co-existed yet now not in a dependent dating with one another. financial scholars are expert to appreciate fiscal phenomena by means of severally incompatible theories one after the other within the similar path. because the finish of moment Wodd conflict many crises in fiscal concept were introduced. The economist skilled the concern of the overall equilibrium economics, the hindrance of the neoclassical progress economics, the challenge of the Keynesian economics, let alone the crises of the Marxian economics. it truly is fairly moderate to count on the lack of self belief in theoretical economics even between specialist economists after such a lot of crises in a really brief time period. yet a drawback bargains new opportmrities for swap, both for higher or for worse. The previous crises in theoretical economics can be perceived as a ancient opportmrity to build a common fiscal thought during which the conventional theories are built-in right into a better whole.

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In Chapter 2, we studied regional growth and interregional trade patterns. The concern of this chapter is still to extend the model developed in Chapter 2. The main difference of this chapter from Chapter 2 is related to behavior of households of different regions. We consider endogenous time in our chapter. Over the years there have been a number of attempts to modify neoclassical consumer theory to deal with economic issues about endogenous labor supply, family structure, working hours and the valuation of traveling time.

We neglected issues related to economic production with a refmed production structure such as service, manufacturing, consumption goods and tourists sectors, within each region and regional division of production over the entire economy. Conceptually, it is not difficult to extend the discussion to multiple sectors since the multiple sector model of a one-region economy exists in the literature. It is important to introduce infrastructures, population or knowledge dynamics into the system. We may also further disaggregate economic structures and consider geographical structures within each region.

1 dT h --Th} dA = 1 dkj k. dA' } j 1 dT} h = - k. } = 1, 2 . 6) 46 1 dR. Rj 1 dF. 1 dK. d~ = Fj d~ = K j di 1 dk. = k j d~ + 1 dN. N j di' j = 1, 2. 5 Concluding Remarks This chapter proposed a two-regional model with endogenous savings, consumption, time allocation. We built the regional model to explain endogenous accumulation of capital and interregional distribution of capital in a perfectly competitive economy. We showed how the regional differences in human capital levels and preferences for consumption, time allocation and wealth accumulation determine the regional trade patterns and regional differences in living conditions.

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