G. Bruckmann, W. Weber

Contributions to the Von Neumann Growth Model

Proceedings of a Conference Organized by the Institute for Advanced Studies Vienna, Austria, July 6 and 7, 1970

• Broschiertes Buch

Produktbeschreibung

The short paper of John von Neumann, "0ber ein okonomisches Gleichungssystem und eine Verallgemeinerung des Brouwerschen Fixpunkt satzes", published 1937 in Vienna in German and translated into English and subsequently published in the "Review of Economic Studies" (1945- 1946) as "A Model of General Economic Equilibrium" is one of the most important contributions to modern mathematical economics, if the rele vance of a paper is judged by the number of contributions which it ini tiates. After the publication of the paper there was a time lag of several years until Economic Theory payed attention to von Neumann's con tribution. One reason was that the new mathematical methods - including the modern theory of mathematical programming which was not developed at that time - made it very difficult to understand the model. An im portant step towards a better understanding of von Neumann's model was the generalization by J. G. Kemeny, 0. Morgenstern and G. L. Thompson, "A Generalization of the Von Neumann Model of an Ex panding Economy" (1956) which also put emphasis on the economic inter pretation. Since its publication the occupation with the von Neumann growth model has become one of the mainstays of the theory of economic growth and the theory of general economic equilibrium. The development was along three lines: l. The theory of multisectoral balanced growth (mainly the conditions of equilibrium growth). 2. The theory of optimal growth, where the most wellknown problem is the so-called "Turnpike theorem".

Produktdetails

• Verlag: Springer / Springer Berlin Heidelberg / Springer, Berlin
• Artikelnr. des Verlages: 978-3-662-22738-1
• Softcover reprint of the original 1st ed. 1971
• Seitenzahl: 236
• Erscheinungstermin: 1. Januar 1971
• Deutsch
• Abmessung: 235mm x 155mm x 13mm
• Gewicht: 367g
• ISBN-13: 9783662227381
• ISBN-10: 366222738X
• Artikelnr.: 40773206

Inhaltsangabe

Equilibrium Models Which Have Their Origin in Von Neumann's Model.- The Period of Production in a Von Neumann World.- A Model of a Continuing State with Scarce Capital.- Further Consideration of "An Open Expanding Economy Model".- Consumption-investment Frontier, Wage-profit Frontier and the Von Neumann Growth Equilibrium.- Balanced Stochastic Growth at the Maximum Rate.- On the Importance of Lags in Growth Models.- Optimization Models Based on Von Neumann's Model.- Economic Efficiency in an Infinite Horizon Model.- Sensitivity of Optimal Growth Paths with Respect to a Change in Target Stocks.- A Twisted Turnpike Theorem.- The Approximative Horizon in Von Neumann Models of Optimal Growth.- Capital Accumulation Optimal in the Final State.- Von Neumann Rays and Golden Rules: An Integrated View of Intertemporal Production Models.- Methods of Computation of Optimal Prices and Intensities in a Von Neumann Model.- Calculating Von Neumann Trajectories by Simulated Market Adjustments.- Von Neumann Model Solutions Are Generalized Eigensystems.- Topics Related to the Von Neumann Model.- Maximal Growth when Food Output Is Uncertain.- Public Investment in Infrastructure and Optimal Economic Growth.- The Von Neumann Growth Model and Socialist Planning.- Soviet Work Related to the Von Neumann Model and Turnpike Theories and Some Ramifications.