Turnpike theory: a current perspective
AbstractThis 2012 perspective of the 1987 Palgrave entry on â€˜turnpike theoryâ€™ highlights the subsequent development of the subject in the light of a critical re-reading of the original. It distinguishes the 1949 conception, a response of Samuelson to a 1945 von Neumann challenge to the reception of his growth model in the economic literature, from the more capacious 1976 outline furnished by McKenzie. Thus, it differentiates asymptotic convergence of infinite-horizon optimal programs from what it terms their finite-horizon, classical turnpike counterparts. It identifies a move from the investigation of general theorems to a more detailed working of simple examples, and reports results on specific models of â€˜choice of techniqueâ€™ in development planning, and of lumber extraction in the economics of forestry. Drawing on ongoing advances in the field of dynamical systems, it sees such models as both litmus tests of the general theory and as productive settings to study the rationalisability of policy functions and a â€˜folk theorem of intertemporal resource allocation'. The entry concludes with brief speculative remarks for future directions.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , chapter 1, pages , 2012,2nd quarter update.
This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:6:year:2012:doi:3878.
Contact details of provider:
Web page: http://www.palgrave-journals.com/
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
- Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sheeja Sanoj).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.