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Gale Economy with Investments and Limit Technology

Author

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  • Emil Panek

    (University of Zielona Góra, Institute of Economics and Finance, Zielona Góra, Poland)

Abstract

In this article we have described a multiproduct model of economical dynamics of Gale type, in which the changes in production technology (the dynamics of Gale type production spaces) depend upon the scale of targeted investments. Under such assumptions we have proved a so-called “weak” version of a multilane turnpike theorem in the Gale type economy with varying technology which converges to a certain limit technology. It states that in the long periods of time, regardless of the initial state of the economy, the optimal growth processes almost always lie close to the family of steady growth paths with maximum growth rate called the multilane turnpike.

Suggested Citation

  • Emil Panek, 2022. "Gale Economy with Investments and Limit Technology," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 14(1), pages 57-80, March.
    • Handle: RePEc:psc:journl:v:14:y:2022:i:1:p:57-80
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    More about this item

    Keywords

    Gale production model with investments; von Neumann equilibrium; limit production space; technological and economical production efficiency; multilane production turnpike;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other

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