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Almost “very strong” multilane turnpike effect in a non‑stationary Gale economy with a temporary von Neumann equilibrium and price constraints

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Panek E.

Economics and Business Review

2020

vol. 6(20)

issue 2

66-80

Mathematical models of economic dynamics and growth are usually expressed in terms of diefrential equations/inclusions (in the case of continuous time) or diefrence equations/inclusions (if discrete time is assumed). 3 hTis class of models includes von Neumann-Leontief-Gale type dynamic input-output models to which the paper refers. eTh paper focuses on the turnpike stability of optimal growth processes in a Gale non-stationary economy with discrete time in the neighbourhood of von Neumann dynamic equilibrium states (so-called growth equilibrium). eTh paper refers to Panek (2019, 2020) and shows an intermediate result between the strong and very strong turnpike theorem in the non-stationary Gale economy with changing technology assuming that the prices of temporary equilibrium in such an economy (so-called von Neumann prices) do not change rapidly. eTh aim of the paper is to bring mathematical proof that the introduction of these assumptions making the model more realistic does not change its asymptotic (turnpike-like) properties.

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1 Economics and Business Review

1 Panek E.

1 2020

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Almost “very strong” multilane turnpike effect in a non‑stationary Gale economy with a temporary von Neumann equilibrium and price constraints