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On Warranted Growth Paths

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  • F. H. Hahn

Abstract

Recently I showed [2] that the steady state path of an economy with more than one capital good was not the asymptotic state of all equilibrium paths. For some special cases I demonstrated that indeed all equilibrium paths diverged. This is in marked contrast to the well known result of Solow for the one-sector world and to the equally familiar two-sector propositions. Partly through discussions with Mirrlees, I had become aware that my analysis bore a family resemblance to the “local turnpike theorems” of Dosso, Samuelson and McKenzie [4, 6], which exploit the fact that the Neumann ray is a saddle point’ in the phase space of all inter-temporally efficient paths. However I could not make a firm connection since my construction allowed for a separate consumption sector, a descriptive consumption function and for an exogenously given labour force. The “turnpike” results had none of these features. But further study of the problem has enabled me to clarify the connection between the descriptive and the “planning” model and it is the first purpose of this paper to report on this.
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  • F. H. Hahn, 1968. "On Warranted Growth Paths," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(2), pages 175-184.
    • Handle: RePEc:oup:restud:v:35:y:1968:i:2:p:175-184.
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    File URL: http://hdl.handle.net/10.2307/2296546
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    Cited by:

    1. Mehrdad Vahabi, 1999. "From Walrasian General Equilibrium to Incomplete Contracts: Making Sense of Institutions," Cahiers de la Maison des Sciences Economiques j99008, Université Panthéon-Sorbonne (Paris 1).

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