Abstract
Consider investment projects characterized by fixed commodity streams and variable termination points. The levels of staggered investment projects and relative prices are determined so as to maximize the social rate of return with respect to project levels and minimize with respect to prices. The resulting von Neumann model is analyzed from the point of view of the Austrian theory of capital.
This paper continues [1] which considered a one-commodity world. Wherever possible the same notation is used.
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References
M. J. Beckmann: Capital and Interest in a One-Commodity World With Unlimited Labor, The Economic Studies Quarterly 17 (1966), pp. 33–44.
D. Gale: The Theory of Linear Economic Models, New York, McGraw Hill 1960.
J. R. Hicks: Value and Capital, Oxford University Press, Dec. 1939.
J. von Neumann: Über ein ökonomisches Gleichungssystem und eine Verallgemeinerung des Brouwerschen Fixpunktsatzes, Ergebnisse eines mathematischen Kolloquiums 8 (1937), pp. 73–83.
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© 1971 Springer-Verlag Wien
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Beckmann, M.J. (1971). The Period of Production in a Von Neumann World. In: Bruckmann, G., Weber, W. (eds) Contributions to the Von Neumann Growth Model. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-24667-2_1
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DOI: https://doi.org/10.1007/978-3-662-24667-2_1
Publisher Name: Springer, Berlin, Heidelberg
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