On a certain version of the multilane turnpike theorem in Gale’s non-stationary economy Cover Image

O pewnej wersji twierdzenia o wielopasmowej magistrali w niestacjonarnej gospodarce Gale’a
On a certain version of the multilane turnpike theorem in Gale’s non-stationary economy

Author(s): Emil Panek
Subject(s): Economy
Published by: Główny Urząd Statystyczny
Keywords: Gale’s non-stationary economy; von Neumann’s temporary equilibrium; multilane turnpike

Summary/Abstract: In the vast majority of papers concerning asymptotic (main) properties of the optimal growth processes in Neumann-Gale-Leontief’s stationary economies, the geometric image of a turnpike is expressed by a single ray, called von Neumann’s ray. Even though neither the postulate of stationariness nor unambigiousness of a production turnpike are consistent with the observations of real economic processes, the list of papers devoted to the effect of a multilane turnpike in Neumann-Gale-Leontief’s non-stationary economies (with changing technology and multiple lanes) is much more modest. These works include mainly papers by Panek (2017, 2018), where the author replaces a single production turnpike in Gale’s non-stationary economy with a multilane turnpike. This paper draws directly upon the author’s earlier work (Panek, 2019), where two turnpike theorems were presented. Both of them were based on the assumption significantly weakened by this paper – that in Gale’s non-stationary economy the optimal production structure in period t remains optimal also in the future.

  • Issue Year: 66/2019
  • Issue No: 2
  • Page Range: 142-156
  • Page Count: 15
  • Language: Polish