Centre for Development Economics
Department of Economics, Delhi School of Economics


General Equilibrium and Growth


Prof. Rodney Smith
University of Minnesota


11th January 2019 (Friday) at
3:05 pm to 4:15 pm


14th January 2019 (Monday) at
11:40 am to 12:50 pm
1:30 pm to 2:40 pm

Venue: Seminar Room (First Floor)
Department of Economics, Delhi School of Economics

All are cordially invited

Lecture Outline

Lecture 1 (Friday, January 11, 2019 3:05-4:15 pm )

1.       Households and firms in simulations (see Handout 1)

a.      Profit, revenue and cost functions

b.      Implications of constant returns to scale in consumption and production – homothetic preferences and technologies

2.      Mathematica (see Handout 2)

Lecture 2 (Monday January 14, 2019 11:40-12:50pm)

1.     National account data and calibration (see Handout 3)

2.    Two and three-sector general equilibrium models (see Three Sector handout)

3.    Mathematica and the static three sector model

Lecture 3 (Monday January 14, 2019 1:50-3:00 pm)

1.       Dynamic general equilibrium models (see Handout 9)

2.      Mathematica and the dynamic three sector model



Terry L. Roe, Rodney B.W. Smith and D. Sirin Saracoglu (2010). Multisector Growth Models: Theory and Application, Springer.

 Smith, R. B., Nelson, H., & Roe, T. L. (2015). Groundwater and Economic Dynamics, Shadow Rents and Shadow Prices: The Punjab. Water Economics and Policy1(03), 1550014.

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