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Optimal growth processes in a non-stationary Gale economy with a multilane production turnpike

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  • Panek Emil

    (Poznań University of Economics and Business, Faculty of Informatics and Electronic Economy, Department of Mathematical Economics, al. Niepodległości 10, 60-967 Poznań, Poland)

Abstract

The topic of the paper is relevant in the field of optimal growth theory and therefore might be seen as an intellectual underpinning for research and practice in the field of transition economies and sustainable long-time development as well. It refers to the papers Panek (2015a, 2018) devoted to asymptotic properties of optimal growth properties in the non-stationary Gale type economy with single and multi-lane turn-pikes in which it was assumed that changing production technology converges in time with certain limits of technology. As far as the postulate of a non-stationary economy (here: technology change) is consistent with real processes, the hypothesis of the existence of some limiting technology may raise controversies and be difficult to verify.

Suggested Citation

  • Panek Emil, 2019. "Optimal growth processes in a non-stationary Gale economy with a multilane production turnpike," Economics and Business Review, Sciendo, vol. 5(2), pages 3-23, June.
    • Handle: RePEc:vrs:ecobur:v:5:y:2019:i:2:p:3-23:n:1
    DOI: 10.18559/ebr.2019.2.1
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    References listed on IDEAS

    as
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    5. K. J. Arrow & M.D. Intriligator (ed.), 2005. "Handbook of Mathematical Economics," Handbook of Mathematical Economics, Elsevier, edition 2, volume 3, number 3.
    6. Alexander J. Zaslavski, 2015. "Turnpike Theory of Continuous-Time Linear Optimal Control Problems," Springer Optimization and Its Applications, Springer, edition 127, number 978-3-319-19141-6, September.
    7. Keeler, E B, 1972. "A Twisted Turnpike," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(1), pages 160-166, February.
    8. McKenzie, Lionel W., 2005. "Optimal economic growth, turnpike theorems and comparative dynamics," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 2, volume 3, chapter 26, pages 1281-1355, Elsevier.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    non-stationary Gale’s economy; von Neumann’s temporary equilibrium; multi-lane turnpike;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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