Maximal Economic Growth: A Geometric Approach to Von Neumann's Growth Theory and the Turnpike Theorem

Maximal Economic Growth: A Geometric Approach to Von Neumann's Growth Theory and the Turnpike Theorem

Maximal Economic Growth: A Geometric Approach to Von Neumann's Growth Theory and the Turnpike Theorem

Maximal Economic Growth: A Geometric Approach to Von Neumann's Growth Theory and the Turnpike Theorem

Excerpt

As is so often the case, the present study has evolved from an initial effort which was considerably less ambitious. Faced with difficulties virtually insurmountable to many of my students and to myself in trying to decipher the literature on Von Neumann's theory of growth and the turnpike theorem, I originally intended to write a set of intelligible notes for my graduate course in economic theory. The task turned out to be more absorbing than I had expected, and in the end the course was over before I had any material to show to my students. With a feeling that I owed them something and realizing that in substance and methodology there was in my approach a good deal that was new, I decided to polish my notes once they were completed and have them published. Thereby I am able not only to do away with my debt but also, I hope, to assist other students of economic theory, on both sides of the desk, who may have experienced similar difficulties in coping with a highly technical literature.

JAROSLAV VANEK

Ithaca, New York January 1968 . . .

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