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Volume 6 (20) Number 2 pp. 66-80

Emil Panek

University of Zielona Góra, Institute of Economics and Finance, Poland.

Almost “very strong” multilane turnpike effect in a non‑stationary Gale economy with a temporary von Neumann equilibrium and price constraints

Abstract:

Mathematical models of economic dynamics and growth are usually expressed
in terms of differential equations/inclusions (in the case of continuous time)
or difference equations/inclusions (if discrete time is assumed).3 This class of models
includes von Neumann-Leontief-Gale type dynamic input-output models to which the
paper refers. The paper focuses on the turnpike stability of optimal growth processes
in a Gale non-stationary economy with discrete time in the neighbourhood of von
Neumann dynamic equilibrium states (so-called growth equilibrium). The paper refers
to Panek (2019, 2020) and shows an intermediate result between the strong and very
strong turnpike theorem in the non-stationary Gale economy with changing technology
assuming that the prices of temporary equilibrium in such an economy (so-called von
Neumann prices) do not change rapidly. The aim of the paper is to bring mathematical
proof that the introduction of these assumptions making the model more realistic
does not change its asymptotic (turnpike-like) properties.

pub/2020_2_66.pdf Full text available in Adobe Acrobat format:
http://www.ebr.edu.pl/volume20/issue2/2020_2_66.pdf
Keywords: non-stationary Gale economy, temporary von Neumann equilibrium, multilane production turnpike.

DOI: 10.18559/ebr.2020.2.5

For citation:

MLA Panek, Emil. "Almost “very strong” multilane turnpike effect in a non‑stationary Gale economy with a temporary von Neumann equilibrium and price constraints." Economics and Business Review EBR 20.2 (2020): 66-80. DOI: 10.18559/ebr.2020.2.5
APA Panek, E. (2020). Almost “very strong” multilane turnpike effect in a non‑stationary Gale economy with a temporary von Neumann equilibrium and price constraints. Economics and Business Review EBR 20(2), 66-80 DOI: 10.18559/ebr.2020.2.5
ISO 690 PANEK, Emil. Almost “very strong” multilane turnpike effect in a non‑stationary Gale economy with a temporary von Neumann equilibrium and price constraints. Economics and Business Review EBR, 2020, 20.2: 66-80. DOI: 10.18559/ebr.2020.2.5