Bródy, András (2004) The Implicit Dynamics of the von Neumann Growth Model. Acta Oeconomica, 54 (1). pp. 63-72. ISSN 0001-6373
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Official URL: http://dx.doi.org/10.1556/AOecon.54.2004.1.4
Abstract
Von Neumann proved the theoretical existence of economic equilibrium. His assumptions explain also how and why cycles are generated. Two features of the model, reflecting the operation of the market, trigger these. The first feature is a non-focal equilibrium that takes place at a saddle-point, maximizing production while minimizing the rate of interest or monetary gain. The second is the inevitability of cross-regulation. Surplus gain boosts production while excess supply curbs prices.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences / társadalomtudományok > H Social Sciences (General) / társadalomtudomány általában |
| Depositing User: | xKatalin xBarta |
| Date Deposited: | 25 Jan 2017 14:49 |
| Last Modified: | 31 May 2024 23:15 |
| URI: | https://real.mtak.hu/id/eprint/46288 |
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