On a certain version of the multilane turnpike theorem in Gale’s non-stationary economy

• Authors: Panek, Emil

Abstracts

EN

In the vast majority of papers concerning asymptotic (main) properties of the optimal growth processes in Neumann-Gale-Leontief’s stationary economies, the geometric image of a turnpike is expressed by a single ray, called von Neumann’s ray. Even though neither the postulate of stationariness nor unambigiousness of a production turnpike are consistent with the observations of real economic processes, the list of papers devoted to the effect of a multilane turnpike in Neumann-Gale-Leontief’s non-stationary economies (with changing technology and multiple lanes) is much more modest. These works include mainly papers by Panek (2017, 2018), where the author replaces a single production turn-pike in Gale’s non-stationary economy with a multilane turnpike. This paper draws directly upon the author’s earlier work (Panek, 2019), where two turnpike theorems were presented. Both of them were based on the assumption signifi-cantly weakened by this paper – that in Gale’s non-stationary economy the optimal pro-duction structure in period ݐ remains optimal also in the future.

Keywords

EN

Gale’s non-stationary economy; von Neumann’s temporary equilibrium; multilane turnpike

• Publisher: Główny Urząd Statystyczny
• Journal: Przegląd Statystyczny
• Year: 2019
• Volume: 66
• Issue: 2
• Pages: 142-156

Dates

published

2020-01-23

Contributors

author

Panek, Emil

Identifiers

DOI

10.5604/01.3001.0013.7608