Gale’s Economy with Multiple Turnpikes. “Strong” and “Very Strong” Turnpike Effect Cover Image

Gospodarka Gale’a z wieloma magistralami. „Silny” i „bardzo silny” efekt magistrali
Gale’s Economy with Multiple Turnpikes. “Strong” and “Very Strong” Turnpike Effect

Author(s): Emil Panek
Subject(s): Economy
Published by: Główny Urząd Statystyczny
Keywords: Gale’s stationary economy; von Neumann’s equilibrium; multilane turnpike; “strong” and “very strong” turnpike effect

Summary/Abstract: This paper refers to the Panek (2016b) which contained proof of “weak” multiple turnpike’s theorem in the Gale’s stationary economy. Here we present “strong” and “very strong” multiple turnpike’s theorem. We show that, despite the generalization of this model – involving the replacement of a single turnpike (von Neumann’s ray) with the bundle of turnpikes, which we call multilane turnpike – the previously proven turnpike’s main properties of the optimal growth processes of the Gale’s economy do not change.

  • Issue Year: 64/2017
  • Issue No: 2
  • Page Range: 137-152
  • Page Count: 16
  • Language: Polish