Chapter

Workability of Generalized Von Neumann Models of Balanced Growth

Michio Morishima

in Equilibrium, Stability and Growth

Published in print March 1963 | ISBN: 9780198281450
Published online November 2003 | e-ISBN: 9780191596650 | DOI: http://dx.doi.org/10.1093/0198281455.003.0005
 Workability of Generalized Von Neumann Models of Balanced Growth

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This chapter and the next are devoted to an analysis of the von Neumann model of economic expansion, which may be considered as a variant of the dynamic Leontief system. The original von Neumann model is a slave system, in which the object of production is mere enlargement at the subsistence level of wages. In Ch.5, the model is generalized so as to allow consumer choice. Two versions of this generalization are presented: the Marx–von Neumann and Walras–von Neumann models. Each is shown to have an efficient balanced growth solution.

Keywords: balanced growth; balanced growth models; economic expansion; economic growth; Marx–von Neumann model; subsistence wages; von Neumann model; Walras–von Neumann model

Chapter.  9749 words.  Illustrated.

Subjects: Economic Development and Growth

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