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Calculating Von Neumann Trajectories by Simulated Market Adjustments

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Contributions to the Von Neumann Growth Model

Abstract

The purpose of this paper is to suggest a new type of algorithm for computing approximate growth paths for von Neumann models of the expanding economy. The procedure arises out of the similarity between the equilibrium conditions for the von Neumann model and for certain related systems of difference equations. Computational experience indicates that the approach is well-suited to handling real world activity analysis problems of high dimension, where the computing time required by more exact methods can become a serious bottleneck and where high precision is in any case pointless.

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References

  1. K. G. Kemeny, O. Morgenstern, and G. L. Thompson: A Generalization of the Von Neumann Model of an Expanding Economy. Econometrica 24 (1956), p. 115 ff.

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  5. We can often expect real economies to be held together by public and private consumption if not by technology c. f. O. Morgenstern and G. L. Thompson: Private and Public Consumption and Savings in the Von Neumann Model of a Expanding Economy. Kyklos 20 (1967), p. 387 ff.

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  6. H. D. Mills: Marginal Values of Matrix Games and Linear Programs. Linear Inequalities and Related Systems, edited by H. W. Kuhn and A. W. Tucker, Princeton 1956, ch. 8.

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Author information

Authors and Affiliations

  1. Department of Economics, La Trobe University, Bundoora, Victoria 3083, Australia

    Professor S. P. Burley

Authors
  1. Professor S. P. Burley
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Editor information

Editors and Affiliations

  1. Institute for Advanced Studies, University of Vienna, Austria

    Gerhart Bruckmann (Professor, Director) (Professor, Director)

  2. University of Vienna, Austria

    Wilhelm Weber (Professor, Director) (Professor, Director)

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© 1971 Springer-Verlag Wien

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Burley, S.P. (1971). Calculating Von Neumann Trajectories by Simulated Market Adjustments. 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_13

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  • DOI: https://doi.org/10.1007/978-3-662-24667-2_13

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-662-22738-1

  • Online ISBN: 978-3-662-24667-2

  • eBook Packages: Springer Book Archive

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