Optimal growth processes in a non-stationary Gale economy with a multilane production turnpike

Panek Emil ()
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Panek Emil: Poznań University of Economics and Business, Faculty of Informatics and Electronic Economy, Department of Mathematical Economics, al. Niepodległości 10, 60-967Poznań, Poland

Economics and Business Review, 2019, vol. 5, issue 2, 3-23

Abstract: The topic of the paper is relevant in the field of optimal growth theory and therefore might be seen as an intellectual underpinning for research and practice in the field of transition economies and sustainable long-time development as well. It refers to the papers Panek (2015a, 2018) devoted to asymptotic properties of optimal growth properties in the non-stationary Gale type economy with single and multi-lane turn-pikes in which it was assumed that changing production technology converges in time with certain limits of technology. As far as the postulate of a non-stationary economy (here: technology change) is consistent with real processes, the hypothesis of the existence of some limiting technology may raise controversies and be difficult to verify.In the paper, referring to the above mentioned publications and Panek (2014), a Gale-type economy with changing technology, multi-lane turnpike and time-increasing production efficiency, with no assumption concerning the existence of a limit technology will be examined.

Keywords: non-stationary Gale’s economy; von Neumann’s temporary equilibrium; multi-lane turnpike (search for similar items in EconPapers)
JEL-codes: C6 O4 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecobur:v:5:y:2019:i:2:p:3-23:n:1

DOI: 10.18559/ebr.2019.2.1

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