The Implicit Dynamics of the von Neumann Growth Model

András Bródy

doi:10.1556/aoecon.54.2004.1.4

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Acta Oeconomica

Volume/Issue:: Volume 54: Issue 1

The Implicit Dynamics of the von Neumann Growth Model

Author:

András Bródy

András Bródy Research Institute of Economics of the Hungarian Academy of Sciences H-1112 Budapest, Budaörsi út 45, Hungary

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Pages:: 63–72

Online Publication Date:: 22 Jul 2005

Publication Date:: 01 May 2004

Article Category:: Journal Article

DOI:: https://doi.org/10.1556/aoecon.54.2004.1.4

Keywords:: equilibrium; equilibrium; cycles; cross-regulation

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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.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

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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
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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

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Acta Oeconomica
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