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2017 | OriginalPaper | Chapter

9. Turnpike Paths for China’s Economy 1995–2000

Author : Bangxi Li

Published in: Linear Theory of Fixed Capital and China’s Economy

Publisher: Springer Singapore

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Abstract

This chapter explores the long-term planning model based on the Marx-Sraffa-von Neumann system. It allows joint production and supply-demand relationships between periods are represented by inequality conditions. The target of the plan is to maximise consumption in the economy in the last period.

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previous chapter Marx’s Labour Values in China’s Economy
next chapter Concluding Remarks
Footnotes
1
Since \({\varvec{{a}}}\geqq {\small {0}}\) is a column vector, by applying Moore-Penrose quasi inverse (Chap. 6), one sees that \({\varvec{{a}}}^+ {\varvec{{a}}}=1{\varvec{{a}}}^+\) is a row vector.
 
2
Even if the objective functions are different, the constraints in the planning period are substantively the same, so that the same results are drawn from the two models. This is an implication related to the strong turnpike theorem.
 
3
See the optimal value of \(Q^{*}\). In addition, the statement of aged fixed capital is omitted.
 
Metadata
Title
Turnpike Paths for China’s Economy 1995–2000
Author
Bangxi Li
Copyright Year
2017
Publisher
Springer Singapore
Book
Linear Theory of Fixed Capital and China’s Economy

Print ISBN: 978-981-10-4064-1

Electronic ISBN: 978-981-10-4065-8

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-981-10-4065-8_9