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Theory of Economic Growth$
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Michio Morishima

Print publication date: 1969

Print ISBN-13: 9780198281641

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198281641.001.0001

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Equilibrium Growth. (III) Normative Properties

Equilibrium Growth. (III) Normative Properties

Chapter:
(p.158) IX Equilibrium Growth. (III) Normative Properties
Source:
Theory of Economic Growth
Author(s):

Michio Morishima

Publisher:
Oxford University Press
DOI:10.1093/0198281641.003.0009

Devoted to establishing the optimality of competitive equilibrium paths of various orders. So far three kinds of equilibrium growth paths have been discussed in the book: the Cassel–von Neumann path of balanced growth, the Lindahl–Hicks sequence of temporary equilibria, and the Hicks–Malinvaud perfect equilibrium over time. These are now examined for efficiency and optimality. Each of them is compared with any other in succession. The different sections of the chapter discuss definitions of efficiency and Pareto optimality, short‐run efficiency of temporary equilibrium and long‐run efficiency of full equilibrium, Pareto optimality of the Lindahl–Hicks and the Hicks–Malinvaud path, Farkas’ theorem of linear inequalities, the fact that shadow prices associated with a Pareto optimum obey the rules of competitive pricing, the conditions that should be satisfied in order for a given point of Pareto optimum to be a competitive equilibrium, and the Golden Rule of Accumulation.

Keywords:   G. Cassel, competitive equilibrium, competitive equilibrium paths, competitive pricing, economic growth, efficiency, equilibrium growth, Farkas’ theorem of linear inequalities, Golden Rule of Accumulation, J. R. Hicks, Hicks–Malinvaud equilibrium growth path, Hicks–Malinvaud perfect equilibrium, E. Lindahl, Lindahl–Hicks sequence of temporary equilibria, long‐run efficiency of full equilibrium, E. Malvinaud, J. von Neumann, optimality, Pareto optimality, shadow prices, short‐run efficiency of temporary equilibrium

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