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Dynamizing Stability

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  • Marcel Boumans

Abstract

This article aims to show the mathematical contexts out of which emerged Solow's 1957 article “Technical Change and the Aggregate Production Function.” In particular, it seeks to provide some understanding of its most striking feature, namely, the highly aggregate level on which technical change is discussed and the simple way in which it is represented. The approach is similar to Weintraub's (1991) contextualization of Samuelson's Foundations of Economic Analysis (1947), but it will map out the two mathematical contexts in which Solow's 1957 article can be located. Samuelson's concepts of stability provided Solow the tools for the aggregation of technical change. However, Samuelson's concepts were defined in relation to static equilibrium and not to growth. To arrive at his 1957 representation of technical change, Solow successfully applied P. H. Leslie's concepts and tools of population mathematics. The main mathematical concepts around which this development is described are eigenvalue and eigenvector. It is by the use of these two concepts that aggregation of input-output tables was made feasible.

Suggested Citation

  • Marcel Boumans, 2009. "Dynamizing Stability," History of Political Economy, Duke University Press, vol. 41(5), pages 127-146, Supplemen.
  • Handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:127-146
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    References listed on IDEAS

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    1. Robert Dixon, 2003. "Trevor Swan on Equilibrium Growth with Technical Progress," The Economic Record, The Economic Society of Australia, vol. 79(247), pages 487-490, December.
    2. Nicholas Kaldor, 1955. "Alternative Theories of Distribution," Review of Economic Studies, Oxford University Press, vol. 23(2), pages 83-100.
    3. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," Review of Economic Studies, Oxford University Press, vol. 13(1), pages 1-9.
    4. W. E. G. Salter, 1959. "THE PRODUCTION FUNCTION and THE DURABILITY OF CAPITAL1," The Economic Record, The Economic Society of Australia, vol. 35(70), pages 47-66, April.
    5. Swan, T W, 1989. "The Principle of Effective Demand--A 'Real Life' Model," The Economic Record, The Economic Society of Australia, vol. 65(191), pages 378-398, December.
    6. T. W. Swan, 1950. "Progress Report On The Trade Cycle," The Economic Record, The Economic Society of Australia, vol. 26(51), pages 186-200, December.
    7. T. W. Swan, 1940. "Australian War Finance And Banking Policy," The Economic Record, The Economic Society of Australia, vol. 16(1), pages 50-67, June.
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    Keywords

    Robert Solow; eigenvalue; eigenvector;

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