The paper generalizes the von Neuman growth model extended by M. Morishima. Morishima introduced capitalists' consumption and workers' savings into the model. But his proof of the existence of the balanced-growth equilibrium crucially depends upon the assumption that every good must be in consumption baskets for some price level. In other words, he assumed that there is no distinction between capital goods and consumption goods. It is shown that the model has a solution even if the assumption is relaxed. A variant of Gale- Nikaido-Debreu lemma is used to prove the main results. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.