THEORY OF GROWTH: THE VON NEUMANN REVOLUTION.
Technical rept. no. 130,
STANFORD UNIV CALIF INST FOR MATHEMATICAL STUDIES IN THE SOCIAL SCIENCES
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Economic growth is examined using the Von Neumann model which permits joint production and treats fixed capital goods of different vintages as different goods. The existence of a balanced growth of all outputs with continued full employment of labor is established. The path of this equilibrium growth rate is shown to have optimality properties. The effect of the real wage rate upon the growth rate of the working population is examined.