 A Note on J. von Neumann’s Article on “A Model of Economic Equilibrium”D. G. Champernowne Chapter 2 in Readings in the Theory of Growth, 1971, pp 10-18 from Palgrave Macmillan Abstract: Abstract The supreme merit of this paper lies in the elegance of the mathematical solution of a highly generalised problem in theoretical economics. But the paper is of considerable interest to economists as well as to mathematicians, because it deals simultaneously with questions on several fields of economics, which until this paper was first read, (in 1932) had seldom been considered together as parts of one problem. For example, in this short paper the author considers which goods will be free goods, and the determination of the prices of goods which are not free: at the same time he examines which productive processes and scales of production will be optimum and which will be unprofitable: he also examines the degree in which each optimum process will be used and the relative amounts of different goods that will be produced. At the same time he demonstrates the mechanism which determines the rate of interest and the rate of expansion of the whole economy. Keywords: Equilibrium Position; Expansion Rate; Price System; Propertied Class; Economic Equilibrium (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15430-2_2 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-15430-2_2 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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