Typical properties of optimal growth in the von Neumann expanding model for large random economies

DOI10.1088/1742-5468/2005/09/L09003MaRDI QIDQ4968879zbMATH OpenOpenAlexFDO

Authors

Publication date 9 July 2019

Published in Journal of Statistical Mechanics: Theory and Experiment (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/physics/0507032

zbMATH Keywords

disordered systems (theory)applications to game theory and mathematical economics

Mathematics Subject Classification ID

Applications of statistical and quantum mechanics to economics (econophysics) (91B80)

Abstract: We calculate the optimal solutions of the fully heterogeneous Von Neumann expansion problem with $N$ processes and $P$ goods in the limit $Noinfty$. 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 behavior, independent of the parameters of the disorder statistics. Associating technological innovation to an increase of $N$, we find that while such an increase has a large positive impact on long term growth when $NllP$, its effect on technologically advanced economies ($NggP$) is very weak.

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