Balanced Growth and Efficient Programme of Very‐Long‐Run Growth

Michio Morishima

in Equilibrium, Stability and Growth

Published in print March 1963 | ISBN: 9780198281450
Published online November 2003 | e-ISBN: 9780191596650 | DOI:
 Balanced Growth and Efficient Programme of Very‐Long‐Run Growth

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This chapter and the previous one 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. 6, the Turnpike Theorem, which asserts that there is a long‐run tendency for the optimum growth path of an economy to approximate to the von Neumann path of steady proportional growth, is proved for a von Neumann–Leontief model and for a von Neumann–Gale model.

Keywords: balanced growth; balanced growth models; economic expansion; economic growth; long‐run growth; subsistence wages; Turnpike Theorem; von Neumann–Gale model; von Neumann model; von Neumann–Leontief model

Chapter.  21538 words.  Illustrated.

Subjects: Economic Development and Growth

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