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:
 Workability of Generalized Von Neumann Models of Balanced Growth

More Like This

Show all results sharing this subject:

  • Economic Development and Growth


Show Summary Details


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

Full text: subscription required

How to subscribe Recommend to my Librarian

Buy this work at Oxford University Press »

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.