This paper builds a heterogeneous-households growth model of a small open economy with fixed resource (land) by integrating the Walrasian general equilibrium and neoclassical growth theories. The production side consists of two sectors. We use an alternative utility function proposed by Zhang,...

This paper builds a heterogeneous-households growth model of a small open economy with fixed resource (land) by integrating the Walrasian general equilibrium and neoclassical growth theories. The production side consists of two sectors. We use an alternative utility function proposed by Zhang,...

This study is concerned with dynamics of a generalized Walrasian equilibrium theory with endogenous public knowledge, individual human capital, and private wealth. The model is a synthesis of a few well-established economic theories with Zhang’s approach to modeling human behavior. It...