The Walrasian and Von Neumann Equilibria: A Comparison

Jerzy Los and Maria Wycech-Los

No 373, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The two economic concepts mentioned in the title deal with different features of an economy, the first with the distribution of produced goods between consumers according to their preferences, the second with the growth of the economy through "production of commodities by means of commodities" (Sraffa), leaving the mechanism of consumption almost completely aside. It seems interesting that in spite of these differences many similarities between the models can be found and that the von Neumann model can be adjusted to account for the preferences of consumers. This seems to be the main result of the paper.

Pages: 29 pages
Date: 1974
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