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

Abstract

We calculate the optimal solutions of the fully heterogeneous Von Neumann expansion problem with $N$ processes and $P$ goods in the limit $N\to \infty$. 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 $N\ll P$, its effect on technologically advanced economies ($N\gg P$) is very weak.

8 pages, 1 figure

References in corpus (1)

• Physics, Stability and Dynamics of Supply Networks

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