Emil Panek , Henryk J. Runka
ARTICLE

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ABSTRACT

The article refers to the paper [5], in which a simple proof of the “weak” turnpike theorem in the von Neumann Growth Model was presented. In that paper we accepted as the growth criterion the output value (measured in the equilibrium price) produced in the finite stage of the established horizon of the economy. Whereas in this article we present two versions – “weak” and “very strong” – of the turnpike theorem in the von Neumann Growth Model, in which the part of the growth criterion is assigned to the cumulative output value, measured in the equilibrium price, produced in the entire horizon.

KEYWORDS

von Neumann Growth Model, “weak” and “very strong” turnpike theorem

REFERENCES

[1] Kasprzak T., (1976), Analiza działalnosci systemów ekonomicznych, PWE, Warszawa.

[2] MakarowW.L., (1966), Asimptoticzieskoje powiedienije optymalnych trajektorii niniejszych modeliej ekonomiki, Sibirskij Matiematiczieskij Zurnał, Nr 4.

[3] Nikaido H., (1968), Convex Structers and Economic Theory, Acad. Press, New York.

[4] Panek E., (2003), Ekonomia matematyczna, Wydawnictwo AEP, Poznan.

[5] Panek E., (2011), O pewnej prostej wersji „słabego” twierdzenia o magistrali w modelu von Neumanna, Przeglad Statystyczny, Nr 1-2 (tom 58).

[6] Radner R., (1961), Path of Economic Growth that are Optimal with Regard only to Final States: A Turnpike Theorem, Review of Econ. Studies, XXVIII, 1961.

[7] Takayama A., (1985), Mathematical Economics, Cambridge Univ. Press, Cambridge.

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