Correction to "On Optimal Development in a Multi-Sector Economy"

D. Gale

The Review of Economic Studies, 1971, vol. 38, issue 3, 384

Abstract: Mr D. Nachane has pointed out to me that the proof of Theorem 6 of [1] is not correct as it stands. There should be absolute value signs around each of the three equal quantities on the left-hand side of inequality 7.8. The rest of the proof should then read: Since λ < 1 the terms | ut | are dominated by the terms of a convergent geometric series; hence the seriesconverges, since it converges absolutely, so in particular the partial sumsare bounded below, as was to be proved.

Date: 1971
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