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Non-uniqueness through duality in the von Neumann growth models

Móczár, József (1997) Non-uniqueness through duality in the von Neumann growth models. Metroeconomica, 48 (3). pp. 280-299. DOI 10.1111/1467-999X.00034

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Official URL: http://onlinelibrary.wiley.com/doi/10.1111/1467-999X.00034/abstract


Abstract

Duality can be viewed as the soul of each von Neumann growth model. This is not at all surprising because von Neumann (1955), a mathematical genius, extensively studied quantum mechanics which involves a “dual nature” (electromagnetic waves and discrete corpuscules or light quanta). This may have had some influence on developing his own economic duality concept. The main object of this paper is to restore the spirit of economic duality in the investigations of the multiple von Neumann equilibria. By means of the (ir)reducibility taxonomy in Móczár (1995) the author transforms the primal canonical decomposition given by Bromek (1974) in the von Neumann growth model into the synergistic primal and dual canonical decomposition. This enables us to obtain all the information about the steadily maintainable states of growth sustained by the compatible price-constellations at each distinct expansion factor.

Item Type:Article
Subjects:Mathematics, Econometrics
Economic development
Economics
DOI:10.1111/1467-999X.00034
ID Code:708
Deposited By: Ádám Hoffmann
Deposited On:26 Jun 2012 14:57
Last Modified:26 Jun 2012 14:57

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