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1

DYNAMIC OPTIMIZATION AND THE LEONTIEF MODEL (Dinamikus optimalizalas es a Leontief-modell)

100%
Dobos I.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 1
84-92
EN
The study presents three economic applications of variation calculations. All three rely on the Leontief model. After examination of the optimal courses, an answer is sought to whether the solutions to the Euler-Lagrange differential equation system are really optimal solutions to the models. The study concludes that the optimal solutions can only be determined by introducing additional economic conditions. At the same time, the models presented can be fitted into a general framework with the help of the conditions outlined. The final conclusion of the study is that the optimal solution of all three models fits into the Neumann band.
2

Underlying problems with the current theory of money - the problem of cash-cover limits

100%
Gilanyi Z.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 2
136-148
EN
Mainstream economic theory attempted to respond to the Hahn Problem by placing limits on cash cover to resolve the difficulty of integrating into itself coherently the question of money defined as a means of exchange. The paper shows the biggest problem with such limits is not, as authors have claimed, that it gives the impression that money's use as a means of exchange impedes trade, but the cash-cover limit is not suited to modelling the means-of-exchange role, in other words, money defined as a means of exchange cannot be slotted into the theory using cash-cover limits.
3

A note on András Bródy's study entitled 'Leontief's closed dynamic model'

88%
Dobos I.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 11
1004-1011
EN
András Bródy presents in his study three methods of finding an equilibrium solution to the closed dynamic input-output model. The one of the three that this study analyses is the classical solution recommended by Leontief. The route to a solution is through the determination of own values, which leads to the problem of a generalized eigen-value/ eigen-vector, due to the singularity of the capital matrix. Following Bródy's numerical example also shows that the equilibrium solution is only non-negative in the long term if the path of the economy follows the Neumann ray.
4

Technical and economic efficiency in Koopmans' theory of production

63%
Zalai E.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 1
3-34
EN
Generalizing from his experience in solving practical problems, Koopmans set about devising a linear model for analysing activity. Surprisingly, he found that economics at that time possessed no uniform, sufficiently exact theory of production or system of concepts for it. He set out in a pioneering study to provide a theoretical framework for a linear model for analysing activity by expressing first the axiomatic bases of production theory, which rest on the concept of technological sets. He is associated with exact definition of the concept of production efficiency and efficiency prices, and confirmation of their relation as mutual postulates within the linear model of activity analysis. Koopmans saw the present, purely technical definition of efficiency as a special case; he aimed to introduce and analyse the concept of economic efficiency. The study uses the duality precepts of linear programming to reconstruct the results for the latter. It is shown first that evidence confirming the duality precepts of linear programming is equal in value, and secondly that efficiency prices are really shadow prices in today's sense. Furthermore, the model for the interpretation of economic efficiency can be seen as a direct predecessor of the Arrow-Debreu-McKenzie models of general equilibrium theory, as it contained almost every essential element and concept of them - equilibrium prices are nothing other than Koopmans' efficiency prices. Finally Koopmans' model is reinterpreted as a necessary tool for microeconomic description of enterprise technology
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