ARTICLE
ABSTRACT
Papers Panek (2013a, 2013b) prove „weak” and „very strong” turnpike theorem in the Neumann- Gale model of the economic dynamics with changeable technology convergent to some limit technology. The economy achieves the highest growth rate on the production turnpike determined by the limit technology, nevertheless the growth rate is constant (time-invariant). This article presents proofs of the turnpike properties of the optimal processes in such a non-stationary Gale economy, in which – in contrast to the above-mentioned papers production growth rate on the turnpike is increasing due to technological progress.
KEYWORDS
non-stationary Gale model, von Neumann temporary equilibrium, production turnpike, „weak” and „very strong” turnpike theorem
REFERENCES
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