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On Consumption Baskets in a Generalized von Neumann Model

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  • Bidard, Christian
  • Hosoda, Eiji

Abstract

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.

Suggested Citation

  • Bidard, Christian & Hosoda, Eiji, 1987. "On Consumption Baskets in a Generalized von Neumann Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(2), pages 509-519, June.
    • Handle: RePEc:ier:iecrev:v:28:y:1987:i:2:p:509-19
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    Cited by:

    1. Heinz D. Kurz & Neri Salvadori, 2010. "The Post-Keynesian Theories of Growth and Distribution: A Survey," Chapters, in: Mark Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, chapter 4, Edward Elgar Publishing.

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