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A Sweeping New Non-substitution Theorem: Kaldor’s Discovery of the von Neumann Input-Output Model

In: Nicholas Kaldor and Mainstream Economics

Author

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  • P. A. Samuelson

Abstract

Nicholas Kaldor is rightly famous for his many theoretical and empirical researches in the fields of microeconomics and macroeconomics. Among many other accomplishments, he independently discovered the von Neumann time-phased system, in which there are no primary (non-producible) factors of production and in which goods as outputs are produced out of themselves as inputs. This remarkable 1937 contribution is little known,1 much less known for example than Kaldor’s 1940 intuitive derivation of a unique limit cycle of determinate amplitude and period, that is asymptotically approached from any perturbed initial business-cycle position.

Suggested Citation

  • P. A. Samuelson, 1991. "A Sweeping New Non-substitution Theorem: Kaldor’s Discovery of the von Neumann Input-Output Model," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 4, pages 72-87, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_4
    DOI: 10.1007/978-1-349-10947-0_4
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    Cited by:

    1. Avi Cohen, 2006. "The Kaldor/Knight controversy: Is capital a distinct and quantifiable factor of production?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 141-161.

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