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• W2898945900 abstract "Abstract I consider a general equilibrium model of a competitive market economy in which production is conducted through an endogenous social division of labor. I represent economic decision makers as “consumer–producers,” who consume as well as produce commodities. In this approach, the emergence of a nontrivial social division of labor is guided by Increasing Returns to Specialization (IRSpec) in production. Under IRSpec, I show existence of competitive equilibria, the two fundamental theorems of welfare economics, and characterize these equilibria. Markets equilibrate through the adjustment of the social division of labor; the production technologies completely determine the equilibrium prices." @default.
• W2898945900 created "2018-11-09" @default.
• W2898945900 creator A5014604493 @default.
• W2898945900 date "2018-10-31" @default.
• W2898945900 modified "2023-10-16" @default.
• W2898945900 title "MARKET ECONOMIES WITH AN ENDOGENOUS SOCIAL DIVISION OF LABOR" @default.
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• W2898945900 doi "https://doi.org/10.1111/iere.12369" @default.
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