We calculate the optimal solutions of the fully heterogeneous Von Neumann expansion problem with N processes and P goods in the limit N → ∞. This model provides an elementary description of the growth of a production economy in the long run. The system turns from a contracting to an expanding phase as N increases beyond P. The solution is characterized by a universal behaviour, independent of the parameters of the disorder statistics. Associating technological innovation with an increase of N, we find that while such an increase has a large positive impact on long term growth when N << P, its effect on technologically advanced economies (N >> P) is very weak. © 2005 IOP Publishing Ltd.
Typical properties of optimal growth in the von Neumann expanding model for large random economies / De Martino, A.; Marsili, M.. - In: JOURNAL OF STATISTICAL MECHANICS: THEORY AND EXPERIMENT. - ISSN 1742-5468. - 2005:9(2005), pp. 19-27. [10.1088/1742-5468/2005/09/L09003]
Typical properties of optimal growth in the von Neumann expanding model for large random economies
De Martino A.;
2005
Abstract
We calculate the optimal solutions of the fully heterogeneous Von Neumann expansion problem with N processes and P goods in the limit N → ∞. This model provides an elementary description of the growth of a production economy in the long run. The system turns from a contracting to an expanding phase as N increases beyond P. The solution is characterized by a universal behaviour, independent of the parameters of the disorder statistics. Associating technological innovation with an increase of N, we find that while such an increase has a large positive impact on long term growth when N << P, its effect on technologically advanced economies (N >> P) is very weak. © 2005 IOP Publishing Ltd.File | Dimensione | Formato | |
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https://hdl.handle.net/11583/2976742