A turnpike property of optimal programs for a class of simple linear models of production

Ilaria Ossella ()
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Ilaria Ossella: Department of Economics, Uris Hall, Cornell University, Ithaca, NY 14853-7601, USA

Economic Theory, 1999, vol. 14, issue 3, 597-607

Abstract: This paper establishes a `turnpike theorem' for a closed linear model of production with a primitive input requirement matrix. Optimal programs of resource allocation have a `turnpike property' if the growth factor of every sector in the economy converges, in the long run, to a common value. The usefulness of such a theorem is due to the fact that the input requirement matrix for an economy with a large number of goods may be primitive (some power of the matrix is strictly positive).

Keywords: Turnpike theorem; Input output matrix. (search for similar items in EconPapers)
JEL-codes: C61 C67 D90 O21 (search for similar items in EconPapers)
Date: 1999-10-14
Note: Received: April 19, 1998; revised version: July 15, 1998
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Citations: View citations in EconPapers (1)

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