A Model of General Economic Equilibrium

J. Neumann

Chapter 1 in Readings in the Theory of Growth, 1971, pp 1-9 from Palgrave Macmillan

Abstract: Abstract The subject of this paper is the solution of a typical economic equation system. The system has the following properties: (1) Goods are produced not only from “ natural factors of production,” but in the first place from each other. These processes of production may be circular, i.e. good G1 is produced with the aid of good G2, and G2 with the aid of G1. (2) There may be more technically possible processes of production than goods and for this reason “ counting of equations ” is of no avail. The problem is rather to establish which processes will actually be used and which not (being “ unprofitable”).

Keywords: Saddle Point; Capital Good; Usual Counting; Interest Factor; Free Good (search for similar items in EconPapers)
Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15430-2_1

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DOI: 10.1007/978-1-349-15430-2_1

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