Von Neumann, the Classical Economists and Arrow-Debreu

Heinz D. Kurz; Neri Salvadori

doi:10.1556/aoecon.54.2004.1.3

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Acta Oeconomica

Volume/Issue:: Volume 54: Issue 1

Von Neumann, the Classical Economists and Arrow-Debreu

Authors:

Heinz D. Kurz

Heinz D. Kurz Department of Economics, University of Graz, RESOWI- Zentrum F4 A-8010 Graz, Austria

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Neri Salvadori

Neri Salvadori University of Pisa Pisa, Italy

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Pages:: 39–62

Online Publication Date:: 22 Jul 2005

Publication Date:: 01 May 2004

Article Category:: Journal Article

DOI:: https://doi.org/10.1556/aoecon.54.2004.1.3

Keywords:: growth; growth; Arrow-Debreu model; classical economics; von Neumann model; value and distribution

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The paper compares the von Neumann model with the approach to the theory of value and distribution of the classical economists on the one hand and that of the neoclassical economists on the other. It is shown that all salient features of the von Neumann model are classical in spirit: its long-period method; its analytical structure revolving around the concept of the surplus product, the latter's appropriation in the form of interest and its use for the purpose of accumulation; and its constitutive aspects. While the von Neumann model focuses attention exclusively on the problem of reproducibility, in neoclassical theory the problem of scarcity assumes centre stage of the analysis. The paper concludes with a remark on a proposition by Arrow and Debreu in their seminal 1954 paper. They contended that their assumption, according to which each and every agent is possessed of an endowment of goods such that he or she can survive under any circumstances whatsoever plays the same role as von Neumann's assumption that each and every commodity enters or exits each and every process of production. It is argued that this proposition cannot be sustained.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

Print ISSN:: 0001-6373

Online ISSN:: 1588-2659

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Péter Benczúr, Joint Joint Research Center, European Commission
Dóra Benedek, International Monetary Fund
Balázs Égert, OECD
Dániel Prinz, World Bank
Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

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Anders Åslund, Georgetown University and Advisory Council of CASE, USA
István Benczes, Corvinus University of Budapest, Hungary
Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
Fabrizio Coricelli, University of Siena, Italy
László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
Martin Kahanec, Central European University, Austria
Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
Péter Mihályi, Corvinus University of Budapest, Hungary
Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: vanyai.judit@krtk.hu

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Acta Oeconomica
Language	English
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